Suppose that an economy consists of only two individuals. Jeremy has $1530 avail

Question

Suppose that an economy consists of only two individuals. Jeremy has $1530 available to spend on goods. He decides to purchase $230 worth of produce from Juanita in the current year. No other economic activity takes place during the current year. Using this information, answer the questions For the current year, what is the economy's income? For the current year, what is the economy's expenditure? In an economy, how are income and expenditure related? They are equal. They are unrelated. about us l creer, I privacy polcy | terms of use conaca help

Explanation / Answer

1. Economy's income = $ 1530

2. Economy's expenditure = $ 230

Expediture on purchase of good is the economy's expenditure.

3. Income is greater than expenditure.

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