Match the concepts in column A with their respective descriptions in column B.
| Column A | Column B |
| a. Gross national product |
1. Annual income received by the individual's production in a given period |
| b. Net national product | 2. After the tax of personal income |
| c. Personal income | 3. Money value of the national output |
| d. Disposable personal income | 4. Net production of goods and services during the year |
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. a-3, b-4, c-1, d-2.
Here’s the correct matching of concepts from Column A with their respective descriptions in Column B:
a. Gross national product - 3. The money value of the national output
b. Net national product - 4. Net production of goods and services during the year
c. Personal income - 1. Annual income received by the individual's production in a given period
d. Disposable personal income - 2. After the tax on personal income
This classification highlights key economic terms related to national and personal income accounting.