National Income Measures

question 101

Multiple Choice

National income measures

• A)nominal GDP after it has been inflated or deflated for changes in the value of the dollar.
• B)the inflation adjusted income of resource supplies.
• C)the market value or cost of the resources used in the production of the national output.
• D)tax receipts of the federal government.

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Definitions:

Obligee

The party in a contractual agreement who is owed a performance or payment by another party (the obligor).

Assignee

An individual or entity to whom rights or interests are transferred by another, known as the assignor.

Good Faith

Acting with honesty and sincerity without intention to defraud or seek an unfair advantage.

Delegation

The act of assigning responsibility or authority from one person to another, often seen in the context of tasks and duties.