Which of the following is the best definition of what economists define as total income?
A) payment for labor services
B) payment for labor services and for ownership of other factors of production
C) payment for labor services, for use of other factors of production, and gifts and government transfers
D) inheritance
C
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"The amount of new stocks and bonds issued in a year adds to the country's GDP." Is this assertion correct or incorrect? Explain your answer
What will be an ideal response?
The Boskin Commission found that the CPI ______ the true inflation rate.
A. understates B. is independent of C. precisely measures D. overstates
If the total cost function is TC = Q3 - 6Q2 + 14Q + 75, would you expect the bottom of the ATC curve to be greater than, less than, or equal to 3?
What will be an ideal response?
Refer to the information provided in Figure 7.8 below to answer the question(s) that follow. 
Figure 7.8Refer to Figure 7.8. If the price of capital is $30, then along isocost line AB total cost is
A. $1,200. B. $1,800. C. $2,400. D. indeterminate from this information, as the price of labor is not given.