c.Depreciation losses are subtracted from the total income of a nation’s citizens. Today many countries that has this system have abandoned it.one advantage market economies have over centrally planned economies is that market economiesrefers to the failure of a market to produce an efficient allocation of resources.power of a single person or small group to influence market prices.refers to the quantity of goods and services produced from each unit of labor input.large or persistant inflation is almost always caused bysociety faces a tradeoff between unemployment and inflation but only in the short run.the irregular and largely unpredictable fluctuations in economic activity are calledFor an economy as a whole, income must equal expenditure becauseindividuals can only spend what they earn each period.In the actual economy goods and services are purchased bycan be computed as the total income paid by firms or as expenditures on final goods and servicesdepreciation losses are subtracted from the total income of a nations citizensIn the national income accounts, depreciation is calledcorporations have earned but not paid out to their owners.households and non corporate businesses have left after paying taxes and non tax payments to the government.GNP=GDP-Income earned by foreigners in the US+Income earned by US citizens.has to spend more dollars to maintain the same standard of living.The CPI is more commonly used as a gauge of inflation than the GDP deflator is becausethe CPI better reflects the goods and services bought by consumers.In the CPI goods and services are weighted according toa nations standard of living is best measured by itsdivide the quantity of output by the number of hours worked Equality refers to how evenly the benefits from using resources are distributed among members of society.When the government redistributes income from the wealthy to the poor,When the government attempts to improve equality in an economy the result is oftenWhen the government implements programs such as progressive income tax rates, which of the following is likely to occur?takes an action only if the marginal benefit of that action exceeds the marginal cost of the item.In the context of decision making, the word "marginal" is closely associated with the word?Making rational decisions "at the margin" means that peoplecompare marginal costs and marginal benefits of each decision.Marginal benefit Susie gets from purchasing a third pair of gloves isthe total benefit she gets from purchasing three pairs of gloves minus the total benefit she gets from purchasing two pairs of gloves.if the policy changes either the cost or benefits of their behavior.lower and raises the variety of goods and services available.governments guiding economic activity. A statistical discrepancy exists because data sources are not perfect, so measures of expenditures and income are not equal The value of the output she produces isGreg, a U.S. citizen, works only in Canada. National income is defined as a.the total income of a nation’s permanent residents minus losses from depreciation.
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