The dollar value of final output
A. is greater than total income.
B. equals profits.
C. is equal to total income.
D. is less than total income.
Answer: C
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Producer surplus is the difference between the highest price a firm is willing to accept for a product and the price it actually receives for the product
Indicate whether the statement is true or false
With peak-load pricing, a firm
A) charges more for a good during periods of high demand. B) charges more for a hotel room the higher up the mountain it is. C) charges less for a good during periods of high demand, because of regulatory reasons. D) is generally used during January and February.
By definition, M1 includes
a. savings accounts b. money market mutual accounts c. repurchase agreements d. small denomination time deposits e. travelers' checks
Suppose a tax cut affected aggregate demand and aggregate supply. The shift in aggregate supply would make the
a. price level and real GDP change by more than otherwise. b. price level change by more than otherwise and real GDP change by less than otherwise. c. price level change by less than otherwise and real GDP change by more than otherwise. d. price level and real GDP change by more than otherwise.