Suppose that an economy consists of only two individuals. Trevor has $1310 available to spend on goods. He decides to purchase $130 worth of produce from Krista in the current year. No other economic activity takes place during the current year. Using this information, answer the questions. For the current year, what is the economy's income? For the current year, what is the economy's expenditure? s In an economy, how are income and expenditure related? Income is greater than expenditure

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Chapter15: Gross Domestic Product
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In an economy, how are income and expenditure related?
Income is greater than expenditure.
They are equal.
Income is less than expenditure.
They are unrelated.
Transcribed Image Text:€9 In an economy, how are income and expenditure related? Income is greater than expenditure. They are equal. Income is less than expenditure. They are unrelated.
Suppose that an economy consists of only two individuals. Trevor has $1310 available to spend on goods. He decides to
purchase $130 worth of produce from Krista in the current year. No other economic activity takes place during the current year.
Using this information, answer the questions.
For the current year, what is the economy's income?
S
For the current year, what is the economy's expenditure?
In an economy, how are income and expenditure related?
Income is greater than expenditure
Transcribed Image Text:Suppose that an economy consists of only two individuals. Trevor has $1310 available to spend on goods. He decides to purchase $130 worth of produce from Krista in the current year. No other economic activity takes place during the current year. Using this information, answer the questions. For the current year, what is the economy's income? S For the current year, what is the economy's expenditure? In an economy, how are income and expenditure related? Income is greater than expenditure
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