Which of the Following Are Equal to One Another? I

question 3

Multiple Choice

Which of the following are equal to one another? I.aggregate production
II.aggregate expenditure
III.aggregate income

• A)I equals II equals III.
• B)I equals III, but I does not equal II.
• C)III equals II, but III does not equal I
• D)I equals II, but I does not equal III.
• E)II equals III, but II does not equal I.

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Definitions:

Perfect Substitutes

Products or goods that can replace each other perfectly with no loss of utility to the consumer.

Utility Function

A mathematical representation of a consumer's preference ranking over a set of goods or services, indicating satisfaction levels.

Units Of X

A generic term for measuring quantities of a variable or unspecified item, labeled as 'X'.

Exchanges Of X For Y

Transactions or trades where one good, service, or asset (X) is traded for another (Y).