Consider a Small Economy with 3 Individuals Where Each Individual

question 110

Multiple Choice

Consider a small economy with 3 individuals where each individual produces and sells $1000 worth of final goods and services.The national income for this economy is

• A)$3000.
• B)less than $3000 if some of the income is saved.
• C)more than $3000 if some of the income is invested.
• D)less than $3000 if there are taxes in this economy.
• E)more than $3000 if the individuals are earning profits.

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Definitions:

Beneficence

The ethical principle that entails acting with the best interest in mind to promote the well-being of others.

Minor Child

A child who is legally underage and not considered capable of taking certain legal responsibilities.

Research Study

A systematic investigation designed to develop or contribute to generalizable knowledge through data collection, analysis, and interpretation.

Consent

Voluntary agreement or permission for something to happen, based on an understanding of what the action entails.