According to the circular flow, the dollar value of a nation's output is equal to
A) profits.
B) total income.
C) net income minus taxes.
D) wages.
Correct Answer:
Verified
Q7: The simple circular flow of income shows
Q8: How do economists view profits?
A) Profits are
Q9: The value of total output and total
Q10: In the circular flow model, profits are
Q11: The circular flow of income shows
A) goods,
Q13: Which of the following is consistent with
Q14: Economists consider profit to be
A) a cost
Q15: Which of the following statements is FALSE?
A)
Q16: In the product markets, households
A) are the
Q17: Profits represent
A) the income earned from a
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