In the long run, the level of national income in an economy is determined by its: Select one: a. factors of production and production function. b. real and nominal interest rate. c. government budget surplus or deficit. d. rate of economic and accounting profit.

In the long run, the level of national income in an economy is determined by its: Select one: a. factors of production and production function. b. real and nominal interest rate. c. government budget surplus or deficit. d. rate of economic and accounting profit.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter6: Tracking The U.s. Economy

Section: Chapter Questions

Problem 1.3P

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Question

In the long run, the level of national income in an economy is determined by its:

Select one:

a. factors of production and production function.

b. real and nominal interest rate.

c. government budget surplus or deficit.

d. rate of economic and accounting profit.

Definition Definition Monetary value of all goods and services produced in an economy during a financial year. National income also refers to the total income earned by the factors of production during a financial year.

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