Question

1. The total market value of production in an economy must equal total:

a. profits.

b. revenues from all transactions.

c. consumption.

d. spending on final goods and services.

2. Participants in our economy include:

a. Business firms and consumers but not foreigners.

b. Consumers only.

c. Consumers, business firms, governments and foreigners.

d. Foreigners but not business firms.