In the circular flow, how are the value of production, income, and expenditures related?
A) They have no relationship to each other.
B) Once tax payments are subtracted at each stage, they are equal.
C) Expenditures on GDP equals the value of production which equals income.
D) Once net exports of goods and services are subtracted from GDP, all three are equal.
E) Value of production always equals income, but expenditures is smaller because households save some of their income and do not spend it.
Question 2
Which of the following statements is not compatible with the opportunity cost theory?
A) Demand plays a role in the determination of costs.
B) Labor costs depend upon the demand for labor.
C) Relative prices reflect the relative amount of human labor required to produce goods.
D) Supply as well as demand depends upon subjective preferences.
Bulk flow by positive pressure (pressure
Circular two-handed petrissage. Tissues are picked up between the hands as they pass each other.
Relationship between Latitude and Income per Capita
Regional Variation in Income and Access to the Sea
Production of ATP in Skeletal Muscle
Complete the following production chart and plot the points.