How do households dispose of their income
How do households dispose of their income?
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1. Federal personal income tax is the major component in Personal taxes of which has increased over the years.
2. The smallest fraction of personal income disposition is Saving.
3. Most of household income goes to consumer spending. There are several categories of spending categories:
a. Durable goods are those with life of three or more years.
b. Nondurable goods include things such as food and clothing.
c. Services are today more than one half of all consumer spending, which demonstrates that ours is a service-oriented economy.
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In Wealth of Nations by Adam Smith, opined that the productivity of labor based primarily on: (w) workers’ education. (x) divisions of labor. (y) technologically advanced machines. (z) suitable wage rates. Q : Estimate the impact of education on Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54
Using a random sample of 670 individuals for the population of people in the workforce in 1976, we want to estimate the impact of education on wages. Let wage denote hourly wage in 1976 U.S. dollars and let educ denote years of schooling. We obtain the following OLS regression line: wage = -0.54
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Perfect competition is characterized by all of the following except w) heavy advertising by individual sellers. x) homogeneous products. y) sellers are price takers. z) a horizontal demand curve for individual sellers. Q : Higher opportunity costs of attendance Economics professors would attribute students’ higher rates of attendance on days while examinations are administered to the: (w) intensified needs to learn valuable material. (x) higher opportunity costs of missing set relative to other schedul
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Illustrates the inverse relationship between price and quantity?
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