The Distribution of Income Among Persons Is Determined by

question 117

Multiple Choice

The distribution of income among persons is determined by

• A)The distribution of resource ownership
• B)The prices paid for resources of different kinds in different employments
• C)Government income-support programs
• D)Both (a)and (b).
• E)all of the above

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Definitions:

Consumption

The total amount of goods and services consumed by households over a specific time period.

Nominal GDP

The total worth of all end products and services made inside a nation over a specified time frame, valued at present-day prices.

Real GDP

Measure of a country's economic output adjusted for price changes (inflation or deflation), representing the value of all goods and services produced over a specific time period at constant prices.

Constant Base-Year Prices

A method to measure economic data where figures are adjusted for inflation to reflect real purchasing power, using a specific base year's prices.