All of the following are shown on a firm's income statement except
A) costs.
B) profits.
C) revenues.
D) rate of return for investors.
Answer: D
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Trade between countries that is without restrictions is called
A) unencumbered trade. B) unabated trade. C) free trade. D) unobstructed commerce.
A specific tariff provides home producers more protection when
A) the home market buys cheaper products rather than expensive products. B) it is applied to a commodity with many grade variations. C) the home demand for a good is elastic with respect to price changes. D) it is levied on manufactured goods rather than primary products. E) the home supply outnumbers the foreign imports.
Firms in perfect competition will leave the industry if they
a. suffer short-run losses b. suffer losses, even if they are covering variable costs in the short run c. suffer long-run losses d. earn a normal profit e. earn a zero economic profit
In the determination of disposable income, transfer payments are treated as if they
a. are the same as taxes. b. did not exist. c. are the opposite of taxes. d. were a constant amount.