The Total Factor Payments to All Resource Owners Is

question 85

Multiple Choice

The total factor payments to all resource owners is

• A)net domestic product.
• B)personal income.
• C)national income at factor cost.
• D)gross domestic income.

---

Definitions:

360-Day Year

A financial convention or calculation basis where the year is assumed to consist of 360 days rather than 365 or 366 days, often used in interest rate calculations.

Ordinary Simple Interest Rate

The standard method of calculating interest, typically based on the original loan amount, rate, and time.

360-Day Year

A conventional method in finance where the year is assumed to have 360 days for simplifying interest rate calculations, commonly used in commercial lending.

Exact Simple Interest

Interest calculated based on the actual number of days in the loan period divided by the exact number of days in a year, typically 365 or 366.