Which of the following statements is FALSE?
A. The value of total income is equal in value to total output because profit is a cost of production.
B. Businesses sell goods and services to households who use their income to pay for them.
C. Total income is always greater than total output.
D. In the circular flow model, households sell factor services to businesses in return for factor payments.
Answer: C
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When an economy's overall production grows faster than its population, it is referred to as:
A) long-run growth per capita. B) an increase in nominal GDP. C) deflation. D) the paradox of thrift.
Under what market structure do we have products like toothpaste, airlines, fast food, and shampoos?
A. Monopoly B. Perfect competition C. Oligopoly D. Monopolistic competition
China's approach to market development has been
A. pragmatic and gradual. B. nonexistent. C. unrealistic and uneven. D. inefficient and intermittent.
The value of the next best alternative defines ___________________.
Fill in the blank(s) with the appropriate word(s).