The Value of Total Output Must Equal the Value of Total

question 71

Multiple Choice

The value of total output must equal the value of total income in an economy for all of the following reasons except

• A)One person's expenditures on goods and services is another person's income.
• B)Income earned is spent on goods and services,which creates additional production.
• C)For the circular nature of spending and income in the economy.
• D)Government expenditures must equal government revenues.

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Definitions:

Harmony

A state of agreement, consistency, or congruence between parts, individuals, or groups, often resulting in a more effective or pleasant outcome.

Efficiency

The ability to achieve a goal or perform a task with the minimum amount of effort, time, and waste.

Pay Raise

An increase in an employee's salary or wages, often awarded for performance, longevity, or cost of living adjustments.

Negotiating

The process of discussing something with one or more people in order to reach an agreement or compromise.