Economists Who Have Studied the Composition of "Proprietor's Income" Have

question 38

Multiple Choice

Economists who have studied the composition of "proprietor's income" have found that this income item is made up of

• A)wages and profits, mostly wages.
• B)interest and profits, mostly profits.
• C)rent and interest, mostly interest.
• D)wages and interest, mostly wages.

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Definitions:

Formalities

Formalities are the specific procedures, conditions, and modes of operation that are required by law or policy for legal actions, documents, or agreements to be valid.

Valid

Legally acceptable and recognized, having force or binding effect; applicable to contracts, agreements, or official documents.

Probate

The legal process through which a deceased person's will is validated, and their estate is distributed to heirs and designated beneficiaries.

Enforceable Trust

A trust arrangement that meets all legal requirements and therefore can be executed as per its terms.