Total revenues
A) are defined as the quantity sold divided by price.
B) are not the same as total receipts from the sale of output.
C) equal gross revenues minus all expenses of the firm.
D) equal the price per unit times the total quantity sold.
D
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Economists use the term parity to describe government's farm policy because it conveys the meaning of
a. unevenness b. equilibrium c. piecemeal or part of d. equality e. laissez-faire
How does the United States compare to other advanced, industrialized economies on the issue of openness?
a. It is completely closed. b. It is one of the less open of them. c. It is about average in openness. d. It is one of the more open of them. e. It is the most open of them.
Which component of aggregate demand is most impacted by the foreign trade effect?
a. investment spending b. consumption c. net exports d. government purchases
Current income is 300, expected future income is 363, and the interest rate is 10%. If current income remains 300, while expected future income rises by $63, then maintaining equal consumption across time requires consumption to be
a) 330 b) 340 c) 350 d) 360 e) 370