In Macroeconomics

question 143

Multiple Choice

In macroeconomics

• A) output and income are very different concepts.
• B) output and income are essentially identical.
• C) output is less than income.
• D) output is greater than income.
• E) income is measured in dollars but output is not.

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Definitions:

Shelter Principle

The principle that when an item is transferred, the transferee acquires all the rights the transferor had to the item.

Marketability

The ease with which a product or service can be sold in the market due to its demand, utility, and competitive pricing.

Instruments

Legal or formal documents such as contracts, wills, or deeds that establish rights, duties, or agreements.

Time Instrument

A type of draft that allows the payee to collect payment only at a specific time in the future.