What word describes the money that customers pay for the output of a business?
A. Output
B. Cost
C. Input
D. Revenue
Answer: D
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According to the research of economic historians, Southern farms
(a) realized the gains from regional specialization in the production of cotton, tobacco, sugar and rice. (b) used the gang system to increase the production of slaves. (c) were far larger, on average, than farms in the North. (d) were all of the above.
Keynesian economists argue that during a recession
a. private sector spending will rise and therefore government spending should be reduced in order to help maintain aggregate demand at or near the full employment level. b. private sector spending will decline, and therefore government spending should increase in order to help maintain a high level of aggregate demand. c. private sector spending will decline, and therefore government spending should be reduced in order to avoid the crowding out of still more private sector spending. d. private sector spending will rise and therefore government spending should be increased in order to provide more stimulus for the economy.
Due to free entry and exit in monopolistic competition, in the long run price must be equal to
An economics textbook is an example of:
A. capital. B. labor. C. a natural resource. D. entrepreneurship.