For firms that sell one product in a perfectly competitive market, average revenue is:
A. equal to marginal revenue.
B. calculated by total revenue divided by total output.
C. equal to the market price.
D. All of these are true.
Answer: D
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In the 1870s,
a. cotton prices were declining. b. the Deep South became a food importing region. c. an increasing percentage of small farms specialized in cotton. d. black farmers devoted more of their land to cotton than white farmers. e. All of the above.
Which of the following is excluded in the current account?
a. Goods exports. b. Goods imports. c. Capital inflow and outflow. d. Net unilateral transfers.
According to classical macroeconomic theory, changes in the money supply affect
a. real GDP and the price level. b. real GDP but not the price level. c. the price level, but not real GDP. d. neither the price level nor real GDP.
The best example of a standardized good would be:
A. breakfast cereal B. a handbag. C. an autographed baseball. D. corn.