Which of the following best defines national income? Multiple Choice income received by households less personal...

Which of the following best defines national income?

Multiple Choice

income received by households less personal taxes
the before-tax income received by households
incomes earned by U.S. resource suppliers plus taxes on production and imports
the market value of the annual output net of consumption of fixed capital

Solutions

Expert Solution

National Income is nothing but NNP at factor cost and this tells that national income is the amount of income recieved by all the US resource suppliers in addition to taxes on production as well the imports all in all. This can measure the country's economic value of activities in that year.

Therefore (c) incomes earned by U.S resource suppliers plus taxes on production and imports is the answer.

Rahul Sunny answered 1 year ago

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