Because every transaction has a buyer and a seller,
a. GDP is more closely associated with an economy's income than it is with an economy's expenditure.
b. every transaction contributes equally to an economy's income and to its expenditure.
c. the number of firms must be equal to the number of households in a simple circular-flow diagram.
d. firms' profits are necessarily zero in a simple circular-flow diagram.
b
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Most economists agree that the measured unemployment rate tends to ________ the unemployment problem
A) overstate B) understate C) accurately represent D) There is little agreement among economists regarding this issue.
The demand for labor depends primarily on the additional output produced as a result of hiring an additional worker and
A) the additional revenue received from selling the output produced as a result of hiring an additional worker. B) the payment made to the worker for producing the additional output. C) the number of workers willing to produce the additional output. D) the elasticity of demand for the output produced by the worker.
Which of the following best represents total saving?
A) T - (G + TR) B) (Y - TR) + I C) (Y - C - G - NX) D) (Y + TR - T) + C
Macroeconomic forces are a powerful explanation for changes in the size of the poverty population
Indicate whether the statement is true or false