Total revenue is equal to
A) the amount of funds earned by a firm minus its costs of production.
B) the total quantity sold of a product over a given period of time.
C) the price of a product multiplied by the number of units of the product sold.
D) the monetary value of the capital (for example, plant and equipment) a firm owns.
Answer: C
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In the short run, when the Fed increases the nominal interest rate, the real interest rate
A) permanently falls. B) does not change. C) permanently rises. D) temporarily rises. E) temporarily falls.
Consider two resource markets in which the demand curves slope downward. In market A, the supply curve is horizontal, equilibrium price is $6, and 100 units of the resource are hired. In market B, the supply curve is vertical, equilibrium price is $20, and 30 units of the resource are hired. Which of the following is true?
a. Total resource earnings are the same in both markets. b. Total resource earnings are greater in market A. c. Total resource earnings are greater in market B. d. There is more economic rent in market A. e. There is derived demand in market A, but not in market B.
Which of the following countries experienced deflation for several years in the period 2002- 2012?
A. France B. Germany C. Italy D. Japan
Keynesians advocate increasing the money supply during economic recessions but decreasing the money supply during economic expansions. True or Flase
A. True B. False