The Value of Income Generated by the Production of a Given

question 151

Multiple Choice

The value of income generated by the production of a given value of final goods and services is called:

• A) gross domestic income.
• B) net factor output.
• C) net foreign factor income.
• D) gross personal product.

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Definitions:

Offer

A tentative promise to do something if another party consents to do what the first party requests.

Telephone

A telecommunications device that allows two or more users to conduct a conversation when they are too far apart to be heard directly.

Invitation To Treat

An Invitation to Treat is a legal expression signaling the initiation of negotiations, inviting offers which can then be accepted or rejected by the party issuing the invitation.

Reward

An offer of compensation for providing assistance, such as returning lost property or providing information leading to fulfilling certain conditions.