Total income in an economy is equal to
A) GDP minus net exports.
B) income minus taxes.
C) the sum of wages, interest, rent, and profit.
D) firm revenues.
Answer: C
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Holding everything else constant, if total factor productivity ________ or if the labor force growth rate ________ the debt-to-GDP ratio will increase
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Claude's Copper Clappers sells clappers for $60 each in a perfectly competitive market. At its present rate of output, Claude's marginal cost is $65, average variable cost is $25, and average total cost is $62 . To improve his profit/loss situation, Claude should
a. increase output b. reduce output but not to zero c. maintain the present rate of output d. shut down e. raise the price