The total revenue from the sale of a good or service is calculated by multiplying the price paid by the number of units sold
Indicate whether the statement is true or false
TRUE
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An increase in the demand for workers producing computers for export versus producing agricultural products that can be imported more cheaply from abroad is an example of how increasing wage inequality can result from:
A. the diminishing marginal product of labor. B. increasing reservation prices. C. the diminishing marginal product of capital. D. globalization.
If the nominal money supply rises by 6 percent, the price level rises by 4 percent, and output rises by 3 percent, then according to the quantity theory equation, income velocity must rise by:
a. 7 percent b. 13 percent c. 1 percent. d. 3 percent.
The cost of servicing the debt may increase if
A. Interest rates rise. B. Deficits become smaller. C. The debt shrinks. D. The debt is held internally.
Suppose that the marginal benefit per dollar spent on bicycles exceeds the marginal benefit per dollar spent on skateboards. The consumer can always increase their utility by buying:
A. more bicycles and fewer skateboards. B. fewer bicycles and more skateboards. C. more of both goods. D. The consumer is already maximizing utility.