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Suppose individuals own all businesses and economic resources, government does not tax or spend, and the business sector produces 500 units at an average price of $1.50 per unit.
a. What is the money value of output?
b. What is the money income of individuals?
c. Find consumer spending when individuals spend 90 percent of their income.
d. What money revenues are received by the business sector from consumer spending?
e. What is the relationship of the cost of producing output and the money receipts of businesses when there are only consumer expenditures? What should happen to the level of output?
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