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Author Question: In the circular flow model, the value of total income for an economy ________ the value of total ... (Read 109 times)

tsand2

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on: Jun 29, 2018
In the circular flow model, the value of total income for an economy ________ the value of total production.
 
  A) equals B) is greater than
  C) may be greater than or less than D) is less than

Question 2

Comment on the following statement: I decided to buy a car from a dealer in a town 100 miles away because he was offering a price that was 100 lower than the dealer in my hometown. Therefore, I saved 100
 
  What will be an ideal response?


mjenn52

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

Assuming that the individual had no other reason to travel the 100 miles, the savings from the purchase of the car is less than 100 . Travel costs should be taken into account, including the opportunity cost of time.


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