According to the circular flow diagram, the dollar value of a nation's output is equal to
A) profits.
B) total income.
C) net income minus taxes.
D) wages.
B
Economics
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Suppose the supply curve and the demand curve both have unitary elasticity at all prices. The price increase to consumers resulting from a specific tax of $1 imposed on sellers will be
A) $1. B) 50 cents. C) zero. D) impossible to calculate without knowing the slope of the supply curve.
Economics
A monopolist that maximizes total revenue earns maximum economic profit
a. True b. False Indicate whether the statement is true or false
Economics