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Tutorial Review Questions ch 5 MC .doc

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ECON 1000
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Tutorial Review QuestionsChapter 5MULTIPLE CHOICE1Which of the following is correct for an economyaIncome is greater than productionbProduction is greater than incomecIncome always equals productiondIncome equals production only when saving is zero2Suppose that an apartment complex converts to a condominium where the renters are now owners of their former apartmentsaThe rent was included in GDP the purchases of the condominiums are notbThe rent was included in GDP and so is the purchase of the condominiumscThe rent was not included in GDP the purchases of the condominiums aredNeither the rent of the apartments nor the purchases of the condominium are included in GDP3In a simple circularflow diagram total income and total expenditure areaseldom equal because of the dynamic changes which occur in an economybequal only when all goods and services produced are soldcalways e
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