For an Economy as a Whole

question 105

Multiple Choice

For an economy as a whole,

• A)wages must equal profit.
• B)consumption must equal saving.
• C)income must equal expenditure.
• D)the number of buyers must equal the number of sellers.

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Definitions:

Multi-Stage Model

A conceptual framework that describes a process or phenomenon as occurring in distinct phases or stages over time.

Reaction

The process of responding to internal or external stimuli, which can involve physical, emotional, or intellectual responses.

Denial

A psychological defense mechanism where a person refuses to accept reality or facts, hence avoiding dealing with painful feelings.

Learning Organization

Describes an organization that facilitates the learning of its members and continuously transforms itself to better respond to changes in the environment.