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GDP understates the value of output produced by an economy because it?
Wiki User
∙ 11y ago
excludes value added from the underground economy, such as tips taken "under the table.
Wiki User
∙ 11y ago
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Why an economy's income must be equal to its output?
Because output generates income.
If the economy is inside the production possibilities curve then more output can be produced using existing resources true or false?
That is true :)
The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost.?
law of comparative advantage(Kaylop)
What determinis the amount of output an economy produces?
haw the amount of output an economy produces can be determinis?
When the market mechanism is allowed to operate freely prices will determine?
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced
Why an economy's income must be equal to its output?
Because output generates income.
If the economy is inside the production possibilities curve then more output can be produced using existing resources true or false?
That is true :)
Which term applies to this definition?
The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost.
The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost.?
law of comparative advantage(Kaylop)
What determinis the amount of output an economy produces?
haw the amount of output an economy produces can be determinis?
The level of output the economy can produce in the long run is referred to as?
haw the amount of output in economy produces can be detreminis?
When the market mechanism is allowed to operate freely prices will determine?
The mix of output to be produced, the resources to be used in the production process, and for whom the output is produced
What is output growth?
A growth in the total output produced.
What is the difference between output and out comes?
Output is what is produced. Outcomes are the result of the output
The total output of a group of individuals and the entire economy will increase when each good is produced at the lowest cost?
law of comparative advantage(Kaylop)
What is a good sentence for output?
The information produced by a computer is called output.
What is the economy in which the interaction of supply and demand determines price and output?
Market Economy
