The sum of public and private saving in an economy is equal to
A) Y - C - T.
B) T - TR - G.
C) Y - C - G.
D) I - C - G.
Answer: C
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If Cassie's Coffee House purchases 33 cents worth of ingredients and spends 36 cents on wages per cup of coffee to produce an 89 cent cup of coffee, then Cassie's Coffee House's contribution to GDP is ________ per cup of coffee
A) 20 cents B) 33 cents C) 36 cents D) 56 cents
Which is not a decision made by potential workers in the United States?
A. determining how to divide one's time between work and leisure B. choosing how much education to receive C. deciding which occupation to pursue D. choosing how much to produce to maximize firm profit E. deciding whether or not to participate in the labor force
Suppose that iPhones are normal goods. If the income of iPhone users decreases, you predict that in the market for iPhones
A. both equilibrium price and quantity will increase. B. both equilibrium price and quantity will fall. C. equilibrium price will fall but quantity will increase. D. equilibrium price will increase and quantity will decrease.
Which of the following helps economists avoid double counting in computing of GDP?
a. Including goods and services produced only within a given area. b. Only include transfer payments made by the government and not individuals. c. Only include capital purchases by corporations and not by family-owned firms. d. Avoiding the use of intermediate goods in calculating GDP.