Bubba is a shrimp fisherman who catches 4,000 pounds of shrimp per year. He can sell the shrimp for $5 per pound. His average total cost of catching shrimp is $3 per pound. Bubba's annual total revenue is
a. $8,000.
b. $12,000.
c. $20,000.
d. $32,000.
c
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During 2012, a country reports that its price level fell and the money wage rate did not change. These changes led to a(n) ________ because their country experienced a(n) ________
A) decrease in the quantity of real GDP supplied; higher real wage rate and lower profits for firms B) increase in the quantity of real GDP supplied; higher real wage rate and lower profits for firms C) decrease in the quantity of real GDP supplied; lower real wage rate and lower profits for firms D) increase in the quantity of real GDP supplied; lower real wage rate and higher profits for firms E) decrease in aggregate demand; economic expansion
An example of entitlement spending is:
A. national defense. B. Social Security. C. police protection. D. garbage collection.
What is calculated as MP x P?
a. revenue gained from the output of an additional worker b. increase in costs associated with an increase in labor c. change in output associated with a change in input d. market price (value) of the company’s total output
Suppose velocity = 5, money supply = $200, and price = 2. What is the value of real GDP?
A) $10 B) $40 C) $400 D) $500