Referring to the Aggregate Demand - Aggregate Supply diagram in Figure 8.1, which box should be filled with the label RGDP for the Real Gross Domestic Product? 
A. Box 2
B. Box 3
C. Box 6
D. Box 1
Answer: C
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Marginal revenue equals the change in total revenue that is earned by selling one more unit of output.
Answer the following statement true (T) or false (F)
If a firm is found guilty of violating any of the European Union competition laws, courts ________ impose fines and ________ sentence managers who have violated the law to jail.
A) can; cannot B) cannot; cannot C) can; can D) cannot; can
Suppose that Brazil and Peru exchange coffee and leather. Brazil can produce both coffee and leather more efficiently than Peru, but Brazil can produce coffee more efficiently than leather. Comparative advantage states that:
A) Brazil should produce both coffee and leather and not trade. B) Brazil should produce coffee, Peru should produce leather, and both countries should trade. C) Brazil should produce leather, Peru should produce coffee, and both countries should trade. D) Peru should produce both coffee and leather and not trade.
The European Union (EU) is an example of a
A) customs union. B) free trade area. C) reciprocal trade agreement. D) None of the above.