Which one of the following statement is correct? O a. Higher National Income with no change in population increases standard of living. O b. An individual receives more income when he produces more output O c. Every individual wants to receive higher income to satisfy more wants O d. All of these

Which one of the following statement is correct? O a. Higher National Income with no change in population increases standard of living. O b. An individual receives more income when he produces more output O c. Every individual wants to receive higher income to satisfy more wants O d. All of these

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter6: How Statisticians Measure Inflation

Section: Chapter Questions

Problem 1TY

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Question

Which one of the following statement is correct?
a. Higher National Income with no change in population increases standard of living.
O b. An individual receives more income when he produces more output
O c. Every individual wants to receive higher income to satisfy more wants
O d. All of these

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