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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Smith and Jones have the same income this year: $40,000. Does it follow that their income came from the same sources? Explain your answer.

To determine

Related to individual income.

Explanation

The income of an individual determines certain factors, such as labor income, asset income, transfer payment and taxes, which can be shown as follows:

Individual income=Labor income+Asset income+Tranasfer paymentsTaxes

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