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  1. business
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  3. for an economy as a whole, income must equal expen

For an economy as a whole, income must equal expenditure because every transaction has a...

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Accounting

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For an economy as a whole, income must equal expenditure because every transaction has a buyer and a seller and every dollar of spending by a buyer is a dollar of income for a seller. For example, households sell labour to firms for OMR 10. What does the amount of OMR 10 represent in this context? a. An income for firms O b. An expenditure for households O c. Both are wrong. O d. Both are correct

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