Consumers will divide their income among all goods so that
举一反三
- So much so in fact, all the following topics are discussed among three instructors in this unit except for ______________.
- Gross domestic product can be calculated A: either by valuing the nation's output of goods and services or by valuing the income generated in the production process. B: by adding up the personal consumption of all members of the society. C: by adding up the value of all intermediate goods used in the economy. D: by adding up the income tax returns of all members of the society.
- 2. In a simple circular-flow diagram, ( ) A: households spend all of their income. B: all goods and services are bought by households. C: expenditures flow through the markets for goods and services, while income flows through the markets for the factors of production. D: All of the above are correct.
- B2C means ( ) A: businesses sell goods to individual consumers B: business-to-consumer C: consumers sell service to businesses D: individuals buy goods from businesses
- The income elasticity of luxury goods is generally