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4 Nov 2021
Problem 4
Page 779
Section SELF: CHECK QUESTIONS
Chapter 32: Macroeconomic Policy Around the World
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4 Nov 2021
Introduction
Income is the financial value of a being’s spending and savings opportunities during a certain time period. Income refers to any pay, salary, gain, interest earned, rental, or another type of income earned in a specific span of time by families and individuals. Net earnings are calculated by subtracting total pay from taxes and other adjustments (such as mandated pension payments) to determine how much the tax rate is owing.
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