Which of the Following Best Defines National Income

question 19

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:

Reflective

Characterized by deep thought and careful consideration, often leading to insights about oneself or the world.

Pragmatic

Pertaining to a practical point of view or practical considerations, often favoring realistic and practical approaches to solving problems.

Dualistic

Thinking or philosophy characterized by a division or contrast between two concepts, such as good and evil, mind and body.

Relativistic Thinking

The cognitive ability to understand that knowledge and viewpoints can be relative and dependent on the context.