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Questions and Answers
What is the Haig–Simons income definition of income?
What is the Haig–Simons income definition of income?
- Consumption + Change in net worth (correct)
- Net income equals revenue minus expenses
- Gross income minus taxes
- Sum of all revenue minus cost of goods sold
How is income generally expressed?
How is income generally expressed?
- In terms of consumption and saving opportunities (correct)
- As a proxy for total expenses
- As a measure of net worth
- As a sum of all revenue
How is income defined for households and individuals in the United States?
How is income defined for households and individuals in the United States?
- Accumulation of both monetary and non-monetary consumption ability
- Sum that includes wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year (correct)
- Gross income minus taxes and other deductions
- Sum of all revenue minus the cost of goods sold
What does discretionary income comprise?
What does discretionary income comprise?
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How can gross income for a firm be defined?
How can gross income for a firm be defined?
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