Question

Unlike national income, personal income Select one: a. excludes retained earnings, indirect business taxes, corporate income...

Unlike national income, personal income

Select one:

a. excludes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions, and includes interest and transfer payments received by households from the government.

b. excludes retained earnings, indirect business taxes corporate income taxes, social insurance contributions and interest and transfer payments received by households from the government.

c. includes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions, and excludes interest and transfer payments received by households from the government.

d. includes retained earnings, indirect business taxes, corporate income taxes, social insurance contributions, and interest and transfer payments received by households from the government.

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Answer #1

Solution: excludes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions, and includes interest and transfer payments received by households from the government.

Explanation: Personal income includes those components of national income that are received directly by the household thus includes interest and transfer payments ; and excludes retained earnings, indirect business taxes, corporate income taxes and social insurance contributions. It may also include certain household receipts that are not national income component.

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