In a circular-flow diagram, the total value of ________ equals the total value of ________
A) spending on goods and services; income
B) GDP; GNP
C) capital; labor
D) exports; imports
A
You might also like to view...
The economic way of thinking includes:
A) attention paid to the opportunity costs involved in any choice. B) the assumption that individuals choose to average out some objective. C) concern with the biological make up of decision makers. D) emphasis on how choices affect total values rather than marginal values.
Over the range of diminishing marginal product, if the variable input to a firm is increased: a. output will increase more than in proportion to the increase in the input
b. output will increase less than in proportion to the increase in the input. c. output will increase exactly in proportion to the increase in the input. d. output will increase more than in proportion to the increase in the inputs at first, but it will eventually increase less than in proportion to the increase in the input.