The major determinant of the total volume of output in an economy is the?

Assessment: JAMB UTME - Economics - 1997 Subject: Economics

Question 1 Report

The major determinant of the total volume of output in an economy is the?
Answer Details
The major determinant of the total volume of output in an economy is the level of total expenditure. Total expenditure refers to the total amount of money spent on goods and services in an economy. When consumers and businesses spend more money, the demand for goods and services increases, which leads to an increase in production and output. This, in turn, can lead to increased employment, income, and economic growth. On the other hand, if total expenditure decreases, the demand for goods and services decreases, leading to a decrease in production and output. Therefore, the level of total expenditure is a critical factor in determining the level of output in an economy.
Read lesson note on The Theory Of Production (JAMB)
Read lesson note on Population And Labour Market (WAEC)
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