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In the Circular Flow Diagram,the Value of All the Income

question 154

True/False

In the circular flow diagram,the value of all the income in the economy is greater than the value of goods and services produced in the economy.


Definitions:

W-2 Form

An official tax document used in the United States that reports an employee's annual wages and the amount of taxes withheld from their paycheck.

Earnings

The amount of money that an individual or business receives in exchange for labor, services, or investing capital, typically measured over a specific period of time.

Deductions

To deduct or subtract; remove, take away.

Longevity

A long duration of life; lasting a long time.

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