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Question 19 (1 point) Saved Disposable income is: 1) consumption minus taxes. 2) income minus saving. 3) income after adding transfers and subtracting taxes 4) the same as "income". 5) income minus both saving and taxes. Question 20 (1 point) Suppose nominal GDP increases in a given year. Based on this information, we know with certainty that: 1) the price level (GDP deflator) has increased. 2) real output has decreased and the price level has increased. 3) either real output or the price level (GDP deflator) have increased 4) real output and the price level (GDP deflator) have both increased. 5) real output has increased.
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