Principles Of Microeconomics
Principles Of Microeconomics
13th Edition
ISBN: 9780135162170
Author: CASE, Karl E., Fair, Ray C., Oster, Sharon M.
Publisher: Pearson,
Question
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Chapter 18, Problem 1.1P

(a)

To determine

Identify the sources of income.

(a)

Expert Solution
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Explanation of Solution

Unemployment compensation received from the government can be considered as the transfer payments. Thus, $240 received per week as an unemployment compensation is the transfer payments of government.

Economics Concept Introduction

Transfer payments: Transfer payments are payments made by the government to the people who do not contribute anything in the production process.

Unemployment compensation: Unemployment compensation is a transfer payment of government that pays cash benefits for a certain period of time to laid-off workers who have worked for a specified period of time.

(b)

To determine

Identify the sources of income.

(b)

Expert Solution
Check Mark

Explanation of Solution

Dividend from share of stock can be treated as the income earned form property.

Economics Concept Introduction

Property income: Property income is the income earned from the financial holdings and the real property.

(c)

To determine

Identify the sources of income.

(c)

Expert Solution
Check Mark

Explanation of Solution

Earing income in the form rent can be treated as the income earned form property.

Economics Concept Introduction

Property income: Property income is the income earned from the financial holdings and the real property.

(d)

To determine

Identify the sources of income.

(d)

Expert Solution
Check Mark

Explanation of Solution

Earing income in the form health insurance can be treated as the income earned form wages and salaries in the form of wage supplements.

Economics Concept Introduction

Income from wages and salaries: Income earned from wages and salaries are the portion of personal income.

(e)

To determine

Identify the sources of income.

(e)

Expert Solution
Check Mark

Explanation of Solution

Earing income as an administrative assistant can be treated as the income earned form wages and salaries in the form of wage supplements.

Economics Concept Introduction

Income from wages and salaries: Income earned from wages and salaries are the portion of personal income.

(f)

To determine

Identify the sources of income.

(f)

Expert Solution
Check Mark

Explanation of Solution

Disability payments received from the social security administration can be considered as the transfer payments.

Economics Concept Introduction

Transfer payments: Transfer payments are payments made by the government to the people who do not contribute anything in the production process.

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