Aggregate Income Equals

question 54

Multiple Choice

Aggregate income equals:

• A)the sum of income earned by all laborers in the world economy.
• B)the sum of income earned by all workers in the private sector.
• C)the sum of the income earned by all the resource suppliers in an economy.
• D)the total income of all employees after payment of income tax.
• E)the total income of all employees after purchases of necessities.

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Definitions:

Underlying Values

Fundamental beliefs or ideals shared across a culture or society that influence behaviors and decision-making.

Trade Deficit

Results when a country imports more goods than it exports.

Imports

Goods or services brought into one country from another for the purpose of sale or use.

Exports

Goods, services, or technologies sent from one country to another for trade or sale.