This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Why must total income be identical to the dollar value of total output? What will be an ideal ... (Read 55 times)

lindiwe

  • Hero Member
  • *****
  • Posts: 577
on: Jun 30, 2018
Why must total income be identical to the dollar value of total output?
 
  What will be an ideal response?

Question 2

Economic growth can be depicted as
 
  A) an outward shift on the production possibilities curve.
  B) a movement up on the production possibilities curve.
  C) a movement down on the production possibilities curve.
  D) an inward shift on the production possibilities curve.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

Jane

  • Sr. Member
  • ****
  • Posts: 309
Reply #1 on: Jun 30, 2018
Answer to Question 1

Total income must be identical to the dollar value of total output because spending by one person is income for another. Further, the definition of profit is important. Profit is the amount left over from total business receipts after all other costs have been paid. Hence, profit is the residual that makes total income equal to the dollar value of total output.

Answer to Question 2

A


lindiwe

  • Member
  • Posts: 577
Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

TheDev123

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Did you know?

Illicit drug use costs the United States approximately $181 billion every year.

Did you know?

Although not all of the following muscle groups are commonly used, intramuscular injections may be given into the abdominals, biceps, calves, deltoids, gluteals, laterals, pectorals, quadriceps, trapezoids, and triceps.

The Geometry of a Total Solar Eclipse The Geometry of a Total Solar Eclipse
4.1 Age changes in total IQ based on cross-sectional data (lower line) and longitudinal data ... 4.1 Age changes in total IQ based on cross-sectional data (lower line) and longitudinal data ...
British Output and Productivity Growth, 1760–1913 British Output and Productivity Growth, 1760–1913
identical (left) and fraternal (right) twins identical (left) and fraternal (right) twins
Calculator Output Calculator Output
Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ... Last year, Terrific Copying had total revenue of $475 000, while operating at 60% of capacity. ...
Video: Evolutionary tree of life Animation

For a complete list of videos, visit our video library