In a circular flow diagram, i) the value of production = income
Ii) the value of production = expenditure
Iii) expenditure = income
A)i, ii and iii are true statements.
B)Only iii is a true statement.
C)i and ii are true statements.
D)i and iii are true statements.
E)Only i is a true statement.

Question

Quizplus · Accepted Answer

In a circular flow diagram, the value of production equals income, the value of production equals expenditure, and expenditure equals income, as all these represent the flow of money in an economy.

In a Circular Flow Diagram, I) the Value of Production