Questions: The largest component of gross domestic income is A. wages. B. profits. C. rent. D. interest.

The largest component of gross domestic income is A. wages. B. profits. C. rent. D. interest.
Transcript text: The largest component of gross domestic income is A. wages. B. profits. C. rent. D. interest.
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Solution

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The answer is A: wages.

Explanation for each option:

A. Wages: This is the correct answer. Wages and salaries paid to employees typically make up the largest component of gross domestic income (GDI). This is because labor is a primary factor of production, and compensation for labor is a significant part of the income generated in an economy.

B. Profits: While profits are an important component of GDI, they generally do not surpass wages in terms of size. Profits represent the income earned by businesses after all expenses have been paid, including wages, rent, and interest.

C. Rent: Rent is the income received by property owners for the use of their land or buildings. Although it is a component of GDI, it is usually smaller compared to wages and profits.

D. Interest: Interest is the income earned from lending money or capital. Like rent, it is a component of GDI but is typically smaller than wages and profits.

In summary, wages are the largest component of gross domestic income, reflecting the significant role of labor compensation in the economy.

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