The equation TR/Q is used to compute
A) total cost.
B) average revenue.
C) demand.
D) marginal revenue.
Answer: B
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When the macroeconomic equilibrium is such that real GDP is less than potential real GDP, the economy is suffering from ________, and the government policy to eliminate this gap will ________ real GDP and ________ the price level
A) a recessionary gap; decrease; decrease B) an inflationary gap; increase; decrease C) a recessionary gap; increase; increase D) an inflationary gap; decrease; increase E) a recessionary gap; decrease; increase
C = 2,800 + 0.9y
I = 750 G = 1,200 NX = 150 Given the equations for C, I, G, and NX above, what is the equilibrium level of GDP (Y)? What will be an ideal response?
Which of the following statements is true concerning comparative advantage?
A. Rich nations typically have a comparative advantage in the production of all goods. B. Poor nations typically have a comparative advantage in the production of all goods. C. Poor nations typically have a comparative advantage in high-tech but not agricultural goods. D. Poor nations typically have a comparative advantage in agricultural but not high-tech goods.
The equilibrium price for a currency based on the forces of supply and demand is also known as the ______ of that currency.
a. surplus rate b. equilibrium quantity c. shortage quantity d. exchange rate