ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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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?
In an economy, how are income and expenditure related?
O Income is greater than expenditure
24
MacBook Air
In an economy, how are income and expenditure related?
Income is greater than expenditure.
O They are equal.
Income is less than expenditure.
They are unrelated.
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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? For the current year, what is the economy's expenditure? In an economy, how are income and expenditure related? O Income is greater than expenditure 24 MacBook Air In an economy, how are income and expenditure related? Income is greater than expenditure. O They are equal. Income is less than expenditure. They are unrelated.
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