The circular flow diagram shows that
A) households spend all their income on goods and services.
B) the value of total income is equal to the total value of expenditures on final goods and services.
C) firms pay households wages, and households receive transfer payments from firms.
D) GDP will be less than the total value of expenditures on final goods and services in the economy.
B
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When the payoff you receive depends only on what you choose, but not on what your opponent chooses, mutual interdependence is said to exist
Indicate whether the statement is true or false
Assume that the quantity consumed of pizza is dependent on three factors: the price of a pizza, the income of pizza purchasers, and consumers' taste for pizza
When graphing the relationship between the price of a pizza and the quantity of pizza consumed A) the price of a pizza and the income of pizza consumers are the only variables that are allowed to change. B) the price of pizza and quantity consumed of pizza are the only variables that are allowed to change. C) consumers' taste for pizza and the income of pizza purchasers are the only variables that are allowed to change. D) None of the above answers are correct.