How does the income approach to measuring GDP differ from the expenditure approach? Explain the meaning of value added and its importance in the income approach. What are the leakages from and injections into the circular flow? How are leakages and injections related in the circular flow?

The above table gives the demand schedule for Billy Bob's BBQ ribs. If the price of a pound of ribs falls from $3 per pound to $1 per pound, what is the change in Billy Bob's total revenue?

A) $42 B) $24 C) -$2 D) -$24

When competition is present and private ownership rights are clearly defined and securely enforced,

a. production and trade are encouraged and plunder (taking from others) is discouraged. b. people get ahead by helping others in exchange for income. c. employers will have to provide prospective employees with at least as good a deal as they could get elsewhere. d. all of the above are correct.