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 99 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
:D TYSM

Joy Chen

  • Member
  • Posts: 354
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

In 1886, William Bates reported on the discovery of a substance produced by the adrenal gland that turned out to be epinephrine (adrenaline). In 1904, this drug was first artificially synthesized by Friedrich Stolz.

Did you know?

The first monoclonal antibodies were made exclusively from mouse cells. Some are now fully human, which means they are likely to be safer and may be more effective than older monoclonal antibodies.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

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?

Multiple experimental evidences have confirmed that at the molecular level, cancer is caused by lesions in cellular DNA.

DNA molecules replicate to form identical chromatids DNA molecules replicate to form identical chromatids
The Geometry of a Total Solar Eclipse The Geometry of a Total Solar Eclipse
The major cortical input and output pathways of the posterior parietal association cortex. Shown are ... The major cortical input and output pathways of the posterior parietal association cortex. Shown are ...
Relationship between Latitude and Income per Capita Relationship between Latitude and Income per Capita
Percentage of higher-income Canadian households Percentage of higher-income Canadian households
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Video: Vascular tissues in a corn stem and a buttercup root

For a complete list of videos, visit our video library