Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For an economy as a whole, income must equal expenditure because every transaction has a buyer and a seller and every dollar of spending by

image text in transcribed
For an economy as a whole, income must equal expenditure because every transaction has a buyer and a seller and every dollar of spending by a buyer is a dollar of income for a seller. For example, households sell labour to firms for OMR 10. What does the amount of OMR 10 represent in this context? a. An income for firms O b. An expenditure for households O c. Both are wrong. O d. Both are correct

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Operational Auditing A Complete Guide

Authors: Gerardus Blokdyk

2019 Edition

0655515879, 978-0655515876

More Books

Students also viewed these Accounting questions

Question

Is it true that f o (g + h) = f o g + f o h?

Answered: 1 week ago

Question

Solve each equation. Check the solutions. p-2p=8

Answered: 1 week ago