Why is it true that domestic product and national income must be equal?
a. The IRS national accounting system assures that taxes equal total income.
b. The total amount of spending must equal total national sales.
c. The value of final product must equal the sum of resource income that produced it.
d. The total amount of income earned is eventually spent.
c
You might also like to view...
When the Chinese government buys U.S. government bonds, from the perspective of the United States, this is a(n):
A. capital inflow. B. export. C. import. D. capital outflow.
Most economists believe that the best monetary policy target is
A) the money supply. B) an interest rate. C) the discount rate. D) total bank reserves.
How do labor unions influence wage rates?
What will be an ideal response?
Suppose the equilibrium price and quantity of ketchup fall. The most likely explanation for these changes is:
A. a decrease in the demand for ketchup. B. an increase in the supply of ketchup. C. a decrease in the supply of ketchup. D. an increase in the demand for ketchup.