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 108 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
Excellent

okolip

  • Member
  • Posts: 362
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Nitroglycerin is used to alleviate various heart-related conditions, and it is also the chief component of dynamite (but mixed in a solid clay base to stabilize it).

Did you know?

The eye muscles are the most active muscles in the whole body. The external muscles that move the eyes are the strongest muscles in the human body for the job they have to do. They are 100 times more powerful than they need to be.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

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.

The Head Start program was designed to increase the school readiness of low-income children. The Head Start program was designed to increase the school readiness of low-income children.
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Effect of an Increase in gA,2 on Productivity and Output Effect of an Increase in gA,2 on Productivity and Output
Income per Capita versus Total Fertility Rate Income per Capita versus Total Fertility Rate
Agricultural Land as a Fraction of Total Wealth in the United Kingdom Agricultural Land as a Fraction of Total Wealth in the United Kingdom
Infant mortality by income quintile, urban Canada, 1996 Infant mortality by income quintile, urban Canada, 1996
Video: Dietary Cholesterol & LDL

For a complete list of videos, visit our video library