Which of the following is true of disposable income?
a. It excludes transfer payments.
b. It is the portion of income that is used solely for consumption.
c. It is that part of total earned income that is paid to the government in the form of taxes.
d. It is the difference between income and saving.
e. It equals consumption expenditures plus saving.
Question 2
The M1 money supply consists of:
a. only coins and currency held by the nonbank public.
b. certificates of deposit only.
c. coins and currency held by the nonbank public, checkable deposits, and traveler's checks.
d. money market mutual fund accounts, savings accounts, and other miscellaneous near-monies.
e. only paper currency.
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The risk of dying before the age of 65 gets lower as family income gets higher.
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Construct a Lorenz curve that shows income distribution in this society.