The income-expenditure model of real GDP determination is due to the work of
A) Adam Smith.
B) J. B. Say.
C) John Maynard Keynes.
D) Roger Miller.
C
Economics
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Refer to Table 19-8. Suppose that a simple economy produces only four goods and services: sweaters, CDs, sugar, and soft drinks
Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households. Calculate nominal GDP for this simple economy.
Economics
Adam Smith believed that through division of labor and specialization, producers could significantly increase their output. This is an example of a(n) ______.
a. aggregate b. resource c. correlation d. theory
Economics