Economic profit is total revenue less economic costs.
Answer the following statement true (T) or false (F)
True
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Which of the following statements is true about revenue?
A) Revenue is calculated by dividing the price per unit by the number of units sold. B) The terms "revenue" and "profit" can be used interchangeably. C) A firm's revenue will increase as its costs increase. D) Revenue is the total amount received for selling a good or service.
All other things held constant, lower marginal (income) tax rates
A) necessarily increase tax revenues. B) necessarily decrease tax revenues. C) decrease the attractiveness of productive activities relative to leisure and tax- avoidance activities, and shift the SRAS curve rightward. D) do not affect the attractiveness of productive activities relative to leisure and tax- avoidance activities and therefore the SRAS does not shift rightward or leftward. E) increase the attractiveness of productive activities relative to leisure and tax- avoidance activities and shift the SRAS curve rightward.
Which of the following groups would be aided by a depreciation of the American dollar?
A. Foreign producers of goods imported by the United States. B. U.S. importers of goods from abroad. C. American producers of goods for export. D. Foreign workers.
Explain the macroeconomic effects of a tax cut according to the Ricardian Equivalence proposition. Include in your answer the IS-LM graph that shows the effects of this tax cut
What will be an ideal response?