In the double-entry bookkeeping system used to track the economy, _____
a. the value of aggregate output equals the aggregate income paid for the resources used to produce that output
b. government spending on transfer payment is recorded
c. the earnings of all shareholders in the economy from the sale of shares are recorded
d. inventories are counted twice, once as investment and once as output
e. intermediate goods are counted twice, once as a type of output themselves and once as part of the final output
a
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If intended investment is $2 billion, and unwanted inventory is $0, then we know that all of the following statements are true except
a. consumption spending is $2 billion b. saving = $2 billion c. actual investment = $2 billion d. the economy is in equilibrium e. national income equals aggregate expenditure
If unemployment and inflation always move in the same direction, then we can infer that business fluctuations are
a. from the demand side. b. from the supply side. c. from both the demand and supply side. d. purely random events.