Total expenditure equals total income
A) if firms do not save for future investment.
B) if firms earn zero profit.
C) because firms pay out everything they receive as income to the factors of production.
D) only if net taxes equals government expenditures on goods and services.
E) only if firms sell all the goods they produce in a given time period.
C
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Most recessions in the United States since World War II have begun with
A) a decline in residential construction. B) a rapid increase in the price level. C) a stock market crash. D) a substantial number of bank failures.
Use the table below to answer the following question.UnitsMaximum Willingness to PayMarket PriceMinimum Acceptable Price1$14$8$2212843108648885681064814What is the value of economic surplus in the table above?
A. $8 B. $24 C. $12 D. $0
The shift of labor out of agriculture to industry in the United States has tended to:
A. reduce unemployment in the industrial sector. B. increase labor productivity. C. reduce the rate of productivity growth. D. increase unemployment in the agriculture sector.
Which country below has a higher GDP per capita than does the United States?
A. China B. Norway C. All three of these countries have a higher GDP per capita than does the United States. D. Sweden