Suppose that an economy consists of only two individuals. Jeremy has $1890 available to spend on goods. He decides to purchase $390 worth of produce from Krista in the current quarter. No other economic activity takes place during the current quarter. Using this information, answer the questions.

For the current quarter, what is the economy's income? $_____________
For the current quarter, what is the economy's expenditure? $_____________

In an economy, how are income and expenditure related?
a. Income is less than expenditure.
b. They are equal.
c. They are unrelated.
d. Income is greater than expenditure.

Answers

Answer 1

Answer:

Economy's income: $390

Economy's expenditure: $390

b. They are equal.

Explanation:

In an economy Income (Y) is the sum of Consumption or private expenditure (C), Investment (I), Government spending (G), and Net Exports (NX).

Y = C + I + G + NX

But as the economy consists only of 2 individuals, Investment (I), Government spending (G), and Net Exports (NX) are Zero. Therefore,

Y = C i.e. Income = Expenditure

In the above scenario, Jeremy spends $390 on produce from Krista. Jeremy's expenditure is equal to Krista's income which is $390. Under the assumptions in this scenario, the sum of all spending that occurs in the economy is exactly equal to the sum of all income that people receive.

In the question, Krista receives $390 in income from selling her produce to Jeremy. The $390 that Jeremy paid for the produce is the amount of expenditure for the economy. The $1890 Jeremy could have used is irrelevant since it is not used in the current quarter. The expenditure a buyer pays for a good or service is equal to the income the seller receives.


Related Questions

A government in which citizens make the decisions is a

Answers

Answer: Direct Democracy

Explanation: Direct democracy, which is also called pure democracy is a democracy in which the decisions are not taken by representatives. All decisions are voted on by the people.

it would be a democracy

Snowdonia is a small country which produces wrought iron and cheesecakes and is experiencing fixed capacity growth in year 1.

Which part of the business cycle is Snowdonia in?
a. recovery
b. peak
c. trough
d. recession

Fixed capacity growth is demonstrated on the graph as a movement from point _____ to point _____.
Long‑run growth in Snowdonia would be illustrated on the graph as a movement from point _____ to point _____.

WORD BANK
Point A
Point B
Point C

Answers

Answer:

Snowdonia is in recovery.

Fixed capacity: Point C to Point A

Long run: Point A to Point B

Explanation:

In the short run, economic growth is limited because an economy has only a finite level of resources. During a recession, output drops below the level it would have if all resources were used. This situation is depicted on a production possibility frontier by a point inside the curve, such as point C.

As the economy pulls up out of the recession, production increases back to the full employment level, moving the economy from point C to point A. At this point, the economy is producing as much as it can without an increase in resources. Fixed capacity growth means the resources are fixed in the economy . The growth occurs due to proper utilization of resources. So the economy grows from an inefficient point to an efficient point on PPF.

In the long run, however, technology improvements, increases in the capital stock, and increases in the quantity and skill of labor increase the capacity of the economy, shifting the PPF outward. This long‑run growth is depicted as a movement from point A on the PPF for year 1 to point B on a new PPF which is farther from the origin and represents an increase in productive capacity.

The business cycle is Snowdonia is in recovery.

Fixed capacity: Point C to Point A

Long run: Point A to Point B

What is World Bank?

The World Bank is famous an international financial institution that provides loans and grants to the governments of low- and middle-income countries/states for the purpose of pursuing capital projects.

In the short, economic growth is limited because an economy has only a definite level of resources. During a recession, output drops below the level it would have if all resources were it used. This situation is depicted on a production possibility frontier by a point in inside the curve, such as point C.

As the economy pulls up out of the recession, production increases back  it to the full employment level, moving to the economy from point C to point A. At this point, the economy is producing as much as it can without an increase in resources. Fixed capacity growth means to the resources are fixed in the economy . The growth occurs due to  the proper utilization of resources. So the economy grows from an inefficient point to an efficient point on PPF.

In the long run, however, technological improvements, increases in the capital stocks, and increases in the quantity and skill of labor increase the capacity of the economy of state, shifting the PPF outward. This long‑run growth is depicted as the movement from point A on the PPF for year 1 to point B on a new PPF which is farther from the origin and represents an increase in productive capacity.

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____ differ from other work teams not only by being multicultural but also often by being geographically dispersed and psychologically distant. Group of answer choices Transnational teams Parallel teams Focus groups Management teams Interest groups

Answers

Transnational team differ from other work teams not only by being multicultural but also often by being geographically dispersed and psychologically distant.

What is transnational team?

Transnational team includes group of people working together in company.

These people are multinational having several activities that cut across many countries.

Therefore, Transnational team differ from other work teams not only by being multicultural but also often by being geographically dispersed and psychologically distant.

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Which statement is accurate about voting?


A) You can vote more than once in an election.

B) One vote makes very little difference.

C) It is a powerful way to be engaged in your community.

D) Only wealthy people can vote in elections.

Answers

Answer:

c. sorry if im wrong :(

Explanation:

Answer:

just bilevel in your self

:

Suppose a country is projecting a deficit of $20 million next year. Which of the following events would add most to the debt?


an increase in the deficit of $500,000

a 3% rise in the interest rate

an increase in tax revenues of $600,000

all of the above would increase the debt by the same amount

Answers

A 3% rise in the interest rate

A 3% increase in the interest rate would add $600,000 to the deficit and thus to the debt. This exceeds a $500,000 increase in the deficit, while tax revenues would decrease, not increase, the debt.

Describe the sources of education law​

Answers

Answer:

Hold my coffee!!

Explanation:

brainliest answer I am done

What is the main cause of conflict in many West African nations?
A land ownership rights
B poverty
C lack of a common language
D ethnic diversity

Answers

Answer:

B.

Explanation:

Our leaders in many West Africa nations are mostly thinking about the money that they are going to eat only , they won't think about upgrading the country

most people know me for my writings about the struggles that arose between social classes and forme the basis of communism. my theories are also the basis of the social-conflict approach to sociological studies. who am i ?

Answers

Answer:

That's Karl Marx

Explanation:

Another name for "getting out the vote" is

Answers

Answer:

sending out your poll

Explanation:

"Get out the vote" or "getting out the vote" (GOTV) describes efforts aimed at increasing the voter turnout in elections. In countries that do not have or enforce compulsory voting, voter turnout can be low, sometimes even below a third of the eligible voter pool.

Match the given scenarios to the respective participants in the forex market.

1.The currency rate of exchange of the nation was fluctuating
too much. An agency protected the value of the national
currency by overseeing forex transactions.
This agency is the …

2.This agency conducts commercial forex transactions.
These are handled by large commercial banks.
This agency is the…

3.This is a wholesale dealer of foreign currencies
who supplies currencies when other agencies
are short of them. This is the…

4.This includes foreign trade in goods and services using
commercial banks for forex exchanges. This is the…

foreign exchange broker---->

retail customer---->

central bank---->

foreign exchange dealer---->

Answers

Based on their roles, the descriptions of participants in the forex market are:

Foreign exchange broker - This agency conducts commercial forex transactions. These are handled by large commercial banks.

Retail Customer - This includes foreign trade in goods and services using commercial banks for forex exchanges.

Central Bank - The currency rate of exchange of the nation was fluctuating too much. An agency protected the value of the national currency by overseeing forex transactions.

Foreign exchange dealer - This is a wholesale dealer of foreign currencies who supplies currencies when other agencies are short of them.

What are the roles of forex market participants?

Foreign exchange brokers facilitate forex transactions which is why commercial banks usually have this role. Retail customers are the end users who need forex to trade foreign goods and services.

The Central Bank ensures that the national currency is protected by tracking forex transactions while foreign exchange dealers hold foreign currencies and supply them to others who need them.

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Answer:

Explanation: edmentum/plato

5. How long is a term in the Senate?
6. What does the Senate do?

Answers

Answer:

A term in the senate term is 6 years. The senate Senators, along with members of the House of Representatives, propose, and vote on federal legislation  Senators provide advice and consent on executive nominations and treaties and conduct oversight of all branches of the federal government. (some of that is from wikipedia but i did put it in my own words)

what is diversity in 200 words

Answers

Answer:

Diversity means understanding that each individual is unique, and understanding their differences. These differences can be along the dimensions of race, gender, ethnicity, and gender. Diversity is more than tolerating differences, it is a set of conscious practices that involve:

Diversity is more than tolerating differences, it is a set of conscious practices that involve:Understanding and appreciating the interdependence of humanity, cultures, and the natural environment. Exercising mutual respect for qualities and experiences that are different from our own. Understanding that diversity includes not only ways of being but also ways of knowing.Understanding that diversity includes not only ways of being but also ways of knowing.Forging alliances across diversity so that we can work together to destroy all forms of discrimination.

how is the earth simllar to and different from a sipnning top?

Answers

Answer:

Instead of staying in one place and spinning like a spinning top, the Earth moves around in a circle. It orbits around the sun unlike a spinning top which stays still, not heading in a particular direction. However, the Earth does rotate on it axis and spins around like a spinning top.

What is human development index?

Answers

The Human Development Index is a statistic composite index of life expectancy, education, and per capita income indicators, which are used to rank countries into four tiers of human development.

Briefly explain how the interchangeable parts on plows allowed for more cost-effective machinery.

Answers

Answer:

It gave farmers a way to easily fix a broken plow should one of the parts break or become worn.

Explanation:

Answer:

Which of the following best explain how the interchangeable parts on plows allowed for more cost-effective machinery? it it allowed frommer's build their own plows at at home rather than carring one from the store

I hope it helps ty pls make me brainliest thanks

what is the effect of physical punishment/discipline on the society?​

Answers

Answer:

Physical punishment is associated with increased child aggression, antisocial behaviour, lower intellectual achievement, poorer quality of parent–child relationships, mental health problems (such as depression), and diminished moral internalisation.

Explanation:

James Mill's work was not empirical.​

Answers

Answer:

Virtually everything that James Mill ever wrote had a pedagogical purpose. He was a relentlessly didactic writer whose most important essays—Government and Education, in particular—take the form of clipped, concise, deductive arguments.

People who drink coffee are more likely to develop cancer.
For this statement, which could be a hidden variable? Check all that apply.

A. The amount of coffee consumed
B. Which people were selected for the sample
C. Age
D. Cars driven by people who drink coffee

Answers

From this question the hidden variable of the people could be the

Age Which people were selected for the sample

What is a hidden variable?

This is another term for what is referred to as a confounding variable. These are the types of variables that would have an indirect effect on the endogenous variable.

The variables here are the age of the person that is drinking coffee and the people used in the study.

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how can school assist the community to address substance abuse

Answers

Answer:

Schools may adopt a variety of alternatives to testing to address the issue of substance abuse including offering after school programs, incorporating life skills training into drug education curricula, helping parents become better informed, providing counseling, identifying problem behaviors for early intervention, and promptly referring students to health care professionals for assessment and intervention.

Explanation:

hope this helps

Which of the following would be an example of expansionary fiscal policy?

a) An increase in the individual income tax rate

b) Extending the period in which unemployed workers can collect unemployment benefits

c) A decrease in the amount of federal grants given to college students

d) A decrease in interest rates

Answers

b) Extending the period in which unemployed workers can collect unemployment benefits

Why did European colonists want to convert Indigenous peoples to Christianity?
O They believed it would make it easier to establish a colonial society.
O They wanted Indigenous peoples to learn to speak Spanish.
O They wanted to work with Indigenous peoples to learn farming techniques.
They believed Christianity would help in the recovery from population loss.

Answers

The answer is option a- as the European colonisers attempted to covert the Indigenous people to Christianity, for the sole purpose of establishing a society that was, in their view, more colonial.

The correct option is A. The European colonists want to convert Indigenous peoples to Christianity because they believed it would make it easier to establish a colonial society.

In order to aid invasion and colonialism, the European and American nations utilized Christianity as a cultural weapon to convert native populations against their own governments.

How were the natives converted to Christianity?

Native Americans in America experienced forced assimilation and cultural dominance under late 19th-century Christianity. Christian missionaries sought to convert native youngsters, who were frequently described as "savages," through boarding schools that were supported by the government.

Although it is possible to see the expansion of religion favorably, his acts were detrimental to the Indigenous population. Against their will, Columbus coerced the Native Americans into accepting Christianity and starting to practice this new religion.

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Select the term that matches each definition.

a. when the government receives more in taxes than it spends in a given time period
b. when government spending and taxes are equal
c. when the federal government spends more than it collects in taxes in a given time period
d. the total accumulated amount that the government has borrowed and not yet paid back over time

WORD BANK
budget surplus
government debt
balanced budget
budget deficit

Answers

Answer:

a. Surplus budget

b. Balanced budget

c. Budget deficit

d. Government Debt

Explanation:

The terms budget surplus, budget deficit, and balanced budget all characterize the difference between the amount that the government spends and collects over some time period.

When the government collects more in tax revenue than it spends, a budget surplus occurs. Taylor notes that surpluses occurred during President Clinton's second term in office but that they went away when President Bush took office.

When the government spends more than it collects in tax revenue, a budget deficit occurs.

When the government spends the same amount that it collects in tax revenue, a balanced budget occurs.

Government debt is the accumulation of deficits and surpluses across time. Government debt is a measure of what the government owes.

The Following correctly matches each definition.

budget surplus: when the government receives more in taxes than it spends in a given time period.

balanced budget: when government spending and taxes are equal

budget deficit: when the federal government spends more than it collects in taxes in a given time period.

government debt: the total accumulated amount that the government has borrowed and not yet paid back over time.

What is the meaning of a Surplus Budget?

When income exceeds expenditures, there is a budget surplus. When a government runs a surplus, it has extra money that it can reinvest or use to pay off debts. The inverse of a surplus is a deficit. When government spending exceeds revenue, the government must borrow money to fund spending.

Thus, the mentioned above are correctly matched with its description.

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Anthropology is a "holistic" social science, which means that it seeks to understand all aspects of human life. How has anthropology made connections across aspects of life such as economics, politics, language, history, biology, etc.? Provide examples

Answers

Anthropology has made connections across aspects of life as It has lead to the deep exploration of human uniqueness in terms of cultural and biological aspect of man.

How is anthropology linked to human life?

Anthropologists is known to be the study of the different attributes that pertains to past and present human communities.

It involves the use of different kinds of techniques. And by so doing, it looks, examine and describe how the various peoples of the  world lived in all of history.

Conclusively, Sociology and cultural anthropology helps use to know more about the social and cultural arrangements that people are found in, it helps us to know the ways that societies function, the conditions in which people alter their institutions, and others.

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Complete the sentences with the correct terms.

Demand–pull inflation occurs when _____1_____ increases until equilibrium output exceeds the full employment level. For instance, this can be caused by an increase in _____2_____. Temporarily, both aggregate output and _____3_____ increase, as resources are beyond capacity. Eventually, the economy returns to long‑run equilibrium when _____4_____ decreases until it and aggregate demand intersect at the same point on the ____5______ curve. Finally, _____6_____ returns to its full-employment level, and _____7_____ again increases.

WORD BANK
long-run aggregate supply
short-run aggregate supply
consumer spending
aggregate output
aggregate demand
the aggregate price level

Answers

Answer:

Demand pull inflation occurs when aggregate demand increases until equilibrium output exceeds the full employment level. For instance this can be caused by an increase in consumer spending. Temporarily both aggregate output and the aggregate price level increase as resources are beyond capacity. Eventually the economy returns to long-run equilibrium when short-run aggregate supply decreases until it and aggregate demand intersect at the same point on the long run aggregate supply curve. Finally, aggregate output returns to its full employment level and the aggregate price level again increases.

1. aggregate demand

2. consumer spending

3. the aggregate price level

4. short-run aggregate supply

5. long-run aggregate supply

6. aggregate output

7. the aggregate price level

Explanation:

Demand–pull inflation is caused by an increase in aggregate demand that results in an equilibrium aggregate output that is beyond an economy's full employment level of aggregate output. This can be caused by any substantial increase in the components of aggregate demand, including consumption, business investment, government spending, or net exports.

Initially, the economy will reach an equilibrium in which the new AD curve intersects the upward‑sloping short‑run aggregate supply curve. In this question, both the equilibrium aggregate output and the price level increase beyond the full employment equilibrium levels.

However, the increase in production is not sustainable in the long run. Rising prices and falling unemployment can lead to increases in the wages firms must pay, which causes the short‑run aggregate supply curve to shift to the left. Eventually, the economy will arrive at the equilibrium point where the new AD curve intersects the long run aggregate supply curve and the new short‑run aggregate supply curve at the same point.

Aggregate output returns to the economy's full employment level, and the aggregate price level increases further.

Give me 3 small business ideas.​

Answers

Answer:

learn New skills

Explanation:

learning a New skills helps in keeping you or making you self reliance, and also buy products related to your supposed skill and sell out to those you give services to, also you can go I to affiliate marketing, learn coding and also digital marketing too.

(I need an answer pleaseeee!!!) Taking the ideas in a brainstorm and grouping them together is a strategy of the

A. Draft

B. Cluster

C. Mind map

D. Peer review

Answers

Answer: C.

Its not a cluster, peer review, or a draft. Therefore: a mindmap.

Assume the economy can produce either sports utility vehicles (SUVs) or minivans. The graph below depicts the current production possibilities frontier (PPF). Suppose the economy experiences a large increase in immigration. Move the end points of the PPF below to show how the PPF changes. Assume that the increase in immigration affects the economy's ability to produce both minivans and SUVs.

This is an example of:
a. economic contraction.
b. economic stagnation.
c. economic recession
d. economic growth.

Answers

Answer:

d. economic growth.

Explanation:

When the economy experiences a large increase in immigration, labor, a factor of production, increases. An increase in a factor of production will cause the PPF to shift outward, away from the origin because it can now produce more minivans and sports utility vehicles. This is an example of economic growth because the economy can produce more of all goods.

Economic contraction and recession both refer to an economy, for whatever reason, producing fewer goods and services than previously. Economic stagnation refers to an economy which is neither increasing nor decreasing its production possibilities.

The public choice perspective on deficit spending suggests that deficit spending

is the result of politicians' concern for the economy's long‑term sucess.

is primarily funded by printing money to induce inflation.

shifts the costs of programs primarily onto present‑day taxpayers.

shifts the costs of programs away from current taxpayers and onto future generations.

Answers

Answer:

d. shifts the costs of programs away from current taxpayers and onto future generations.

Explanation:

Since public choice theory assumes that politicians are rational, self‑interested economic actors, deficit spending is seen as a way to hold office by promoting spending projects. As the costs of deficit spending are shifted toward future generations of taxpayers, deficit spending is more appealing in the present, as the up‑front costs of projects seem lower.

Deficit spending, in its most basic form, occurs when a government's expenditures exceed its revenues over a fiscal period, resulting in a budget deficit.

Why is increased technological knowledge for a nation important for growth?

It allows the nation to be more productive in goods and services that it produces.

Increased technological knowledge causes simultaneous increases in human capital and physical capital.

Technological knowledge allows output to increase instantly.

All of the above.

None of the above.

Answers

Answer:

It allows the nation to be more productive in goods and services that it produces.

Explanation:

Increased factors of production, whether it be technological knowledge, human capital, physical capital, or organization, all lead to growth because it allows a nation to be more productive in creating goods and services. For example, better tractors, better knowledge of how to use tractors, and continual engineering of more efficient tractors allow the United States to grow many crops efficiently.

Note that increasing one factor of production does not necessarily mean others will increase as well. Also, most improvements in factors of production take time to implement, meaning that an improvement in a factor of production will not always lead to an immediate increase in economic growth.

What is the frequency of a wave that has a wavelength of 0.39M and the speed of 86

Answers

Answer:

85.8 m/s

Explanation:

speed=wavelength multiply by frequency

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