The value of total output and total income in the simple circular flow model
A. are related in the sense that national income is less than national product.
B. include only intermediate goods.
C. are equal to each other.
D. are measures of the economy's level of savings.
Answer: C
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According to this Application, Professor Gordon is ________ about future economic growth in the United States and he predicts a ________ increase during this century
A) optimistic; small B) pessimistic; large C) pessimistic; small D) optimistic; large
Refer to the table above. The official settlements account balance is
A) -$1,100 billion. B) -$10 billion. C) $1,100 billion. D) $10 billion. E) $0.
When only a small number of producers compete with each other is a defining characteristic of
A) inelastic supply. B) monopolistic competition. C) efficient competition. D) oligopoly.
The Paradox of Value is resolved by the willingness for an individual to pay a high price for a good or service that has a high marginal utility per dollar
Indicate whether the statement is true or false