Asked by Smitty Hendrix on May 05, 2024
Verified
The total amount of income earned by American resource suppliers in a year is measured by
A) Gross domestic product.
B) National income.
C) Personal income.
D) Disposable income.
National Income
The total income earned by a country's residents and businesses, including wages, rent, interest, and profits.
- Gain insight into the notion of national income and its correlation with GDP, taking into account the different income categories comprising national income.
Verified Answer
ZK
Zybrea KnightMay 07, 2024
Final Answer :
B
Explanation :
National income measures the total amount of income earned by American resource suppliers in a year. Gross domestic product measures the total value of goods and services produced in a country in a year, which includes both income earned by resource suppliers and profits earned by businesses. Personal income measures the income received by individuals, and disposable income measures the income available after taxes and other deductions.
Learning Objectives
- Gain insight into the notion of national income and its correlation with GDP, taking into account the different income categories comprising national income.