Total revenue is equal to quantity multiplied by average revenue
a. True
b. False
Indicate whether the statement is true or false
True
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Native-born workers may not be harmed by immigration if it:
A. Reduces wages and labor demand is inelastic B. Reduces the rate of return on capital C. Increases the rate of return on capital D. Causes production costs to rise
What is a problem with barter that makes it so difficult to use?
A) Individuals have to produce something to trade with. B) Barter omits the store of value role for money. C) Barter requires use of only fiat money. D) Barter requires a double coincidence of wants. E) Barter is very efficient but illegal because it avoids taxation.
Dumping occurs when a foreign firm ________
A) pollutes international waters B) disposes of waste materials in other countries C) sells inferior output to foreigners D) sells its exports at a lower price than its cost of production
Refer to Figure 16-3. Which group of customers is likely to have a more elastic demand curve (more sensitive to price)?
A) the customers from "The Chateau"—market A B) There is no difference in the elasticity of demand between the two groups. C) There is insufficient information to answer this question. D) the other residents of the neighborhood—market B