Personal Income Is

question 117

Multiple Choice

Personal income is

• A) equal to GDP.
• B) that portion of national income that can be used for consumption and saving.
• C) the sum of all payments to suppliers of the factors of production.
• D) the amount of income that individuals actually receive.
• E) another term for disposable income.

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Definitions:

Hypothesis Testing

A statistical method used to determine whether there is enough evidence in a sample of data to infer that a certain condition holds for the entire population.

Standard Deviation

A statistical measure that quantifies the dispersion or variability of a set of numerical data from its mean, indicating how spread out the data points are.

Measure of Variability

A statistical indicator that describes the degree to which scores in a dataset are spread out or dispersed.

Inclusive Range

A measure of variability calculated by subtracting the lowest score in a distribution from the highest score in the distribution and adding 1.