Which of the Following Best Defines National Income

question 158

Multiple Choice

Which of the following best defines national income?

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

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Definitions:

Satisficing

The process of choosing an adequate solution that meets minimum criteria, often used in decision-making when an optimal solution is unfeasible.

Overconfidence

The state of being overly convinced of one's abilities or correctness, often without sufficient reason or justification.

Decision Rule

A guideline or criteria set for making choices among alternatives in a decision-making process.

Nonprogrammed Decision

Decisions made in response to situations that are unique, are poorly defined and largely unstructured, and have important consequences for the organization.