The total factor payments to all resource owners is called
A) net domestic product.
B) personal income.
C) national income.
D) gross domestic income.

Question

Quizplus · Accepted Answer

National income is the total factor payments to all resource owners, which includes wages, salaries, rent, interest, and profits. It is calculated by subtracting indirect business taxes, depreciation, and net foreign factor income from the Gross Domestic Product (GDP).

The Total Factor Payments to All Resource Owners Is Called