Total income is defined as
A) the total amount earned by all resource owners.
B) the sum of the total receipts of firms and the amount earned by households.
C) the sum of the total receipts of firms less the amount of tax that must be paid.
D) the total receipts of firms before taxes.
Question 2
Which of the following statements is TRUE about profits?
A) Profits are considered a cost of doing business.
B) Profits are excluded from the circular flow of the income diagram.
C) The only portion of profits that are included in the circular flow diagram are the portion paid out in the form of dividends.
D) Profits are considered one of the resources necessary for production.
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