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:

Mass Education

A system of education aimed at providing learning opportunities to large numbers of people, typically through public schooling systems.

Grade Inflation

The phenomenon where course grades have been increasing over time without an equivalent increase in student achievement.

Technological Prowess

Technological prowess refers to the superior skill or expertise in the development and application of technology, often driving innovation and competitiveness.

Generativity

A stage of psychosocial development in adulthood, where individuals focus on nurturing the next generation and contributing to society.