If disposable income is $20 trillion, taxes are $6 trillion, and transfers are $4 trillion, then what is the total income? Fill in the blank: $_____ trillion.

Question

05-05-2024
Business

High School

Thank you for visiting If disposable income is 20 trillion taxes are 6 trillion and transfers are 4 trillion then what is the total income Fill in the blank. This page is designed to guide you through key points and clear explanations related to the topic at hand. We aim to make your learning experience smooth, insightful, and informative. Dive in and discover the answers you're looking for!

If disposable income is $20 trillion, taxes are $6 trillion, and transfers are $4 trillion, then what is the total income? Fill in the blank: $_____ trillion.

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faith045 faith045 · Answer 1 · 2024-05-11T08:39:13-04:00

The income in this scenario would be $10 trillion.

If the disposable income is $20 trillion, taxes are $6 trillion, and transfers are $4 trillion, we can calculate the income by subtracting taxes and transfers from disposable income. Disposable income represents the amount of income that households have available to spend or save after taxes and transfers have been accounted for. Taxes refer to the amount of money that individuals or households are required to pay to the government based on their income or other factors.

Transfers, on the other hand, are payments made by the government to individuals or households for various purposes such as social welfare or support programs. To calculate the income, we need to subtract the taxes and transfers from the disposable income: Income = Disposable income - Taxes - Transfers Substituting the given values, we get: Income = $20 trillion - $6 trillion - $4 trillion Simplifying the equation, we have: Income = $10 trillion Therefore, the income in this scenario would be $10 trillion.

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