QuestionMay 27, 2025

Which of the following is included in personal income but not in national income? Compensation for workers Proprietor's income Corporate profits Social Security payments Rents

Which of the following is included in personal income but not in national income? Compensation for workers Proprietor's income Corporate profits Social Security payments Rents
Which of the following is included in personal income but not in national
income?
Compensation for workers
Proprietor's income
Corporate profits
Social Security payments
Rents

Solution
3.4(277 votes)

Answer

Social Security payments Explanation 1. Define Personal Income Personal income includes all income received by individuals, regardless of whether it is earned through production. 2. Define National Income National income includes all income earned in the production of goods and services, excluding transfer payments. 3. Identify Transfer Payments Social Security payments are transfer payments included in personal income but not in national income.

Explanation

1. Define Personal Income<br /> Personal income includes all income received by individuals, regardless of whether it is earned through production.<br />2. Define National Income<br /> National income includes all income earned in the production of goods and services, excluding transfer payments.<br />3. Identify Transfer Payments<br /> Social Security payments are transfer payments included in personal income but not in national income.
Click to rate:

Similar Questions