The value of total output must equal the value of total income in an economy because:
A. One person's expenditures on goods and services is another person's income.
B. Income earned is spent on goods and services which creates additional production.
C. Of the circular nature of the economy.
D. All of the above are reasons.
Answer:D
The value of total output must equal the value of total income in an economy because:
A. One person's expenditures on goods and services is another person's income. B. Income earned is spent on goods and services which creates additional production. C. Of the circular nature of the economy. D. All of the above are reasons.