Question

If personal income exceeds national income in a particular year, we can conclude that Multiple Choice...

If personal income exceeds national income in a particular year, we can conclude that

Multiple Choice

  • transfer payments exceeded the sum of Social Security contributions, corporate income taxes, and taxes on production and imports.

  • the sum of Social Security contributions, corporate income taxes, and undistributed corporate profits exceeded transfer payments.

  • consumption of fixed capital and taxes on production and imports exceeded personal taxes.

  • transfer payments exceeded the sum of Social Security contributions, corporate income taxes, and undistributed corporate profits.

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Answer #1

transfer payments exceeded the sum of Social Security contributions, corporate income taxes, and undistributed corporate profits.

Personal Income = Disposable Income + Personal Income tax

National Income = Consumption + Investment + Government Spending + Net exports

If personal income exceeds national income, it means that the disposable income are higher meaning that transfer payments are higher and consumption is less meaning that Social Security contributions, corporate income taxes, and undistributed corporate profits are less as compared to disposable income

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