In macroeconomics
A) output and income are very different concepts.
B) output and income are essentially identical.
C) output is less than income.
D) output is greater than income.
E) income is measured in dollars but output is not.

Question

Quizplus · Accepted Answer

In macroeconomics, output refers to the total amount of goods and services produced by an economy, while income refers to the total amount of money earned by individuals and firms in that economy. While they are not identical concepts, they are closely related as the income earned by individuals and firms is largely derived from producing and selling output. Therefore, output and income are considered to be essentially identical in macroeconomic analysis.

In Macroeconomics