If an economy produces final output worth $5 trillion,then the amount of gross income generated by that production
A)is $5 trillion
B)is more than $5 trillion
C)is $5 trillion minus taxes
D)would be $5 trillion if profits were zero
E)would be $5 trillion if costs of production were zero

Question

Quizplus · Accepted Answer

Gross income is the sum of all incomes generated in the economy, which includes wages, salaries, rent, interest, and profits. The total value of the final output, which is $5 trillion, represents the total income generated in the economy. Therefore, the gross income generated by that production would be $5 trillion.

If an Economy Produces Final Output Worth $5 Trillion,then the Amount