Total income in an economy is equal to A) the sum of wages, ...

[altibaby]

Total income in an economy is equal to
 
  A) the sum of wages, interest, rent, and profit. B) firm revenues.
  C) GDP minus net exports. D) income minus taxes.

Question 2

You lend 5,000 to a friend for one year at a nominal interest rate of 10. Inflation during that year is 5. As a result, you will receive ________ at the end of the year, but that money has a purchasing power of ________.
 
  A) 5,050; 5,025 B) 5,100; 5,050 C) 6,000; 5,500 D) 5,500; 5,250

[Li Jun]

Answer to Question 1

A

Answer to Question 2

D

[altibaby]

Thanks for the timely response, appreciate it

[jordangronback]

YES! Correct, THANKS for helping me on my review