Marginal revenue equals
A) total revenue divided by output.
B) price times quantity, divided by average revenue.
C) total revenue divided by average revenue.
D) the change in total revenue from selling one more unit.
Answer: D
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Which of the following is likely to lead to a right shift in the demand curve for labor in the coffee producing industry?
A) A decrease in the price of tea B) An increase in the demand for tea C) A decrease in the demand for coffee D) An increase in the demand for coffee
John Maynard Keynes wrote The General Theory of Employment, Interest, and Money (1936) to
a. improve the gold supply balances of the British government. b. prove that the punitive nature of the Treaty of Versailles would ultimately lead to recession in Europe. c. prove that active government policy would produce unemployment and high rates of inflation. d. demonstrate that pessimistic consumers and businesspersons could reduce their spending and condemn the economy to long-run stagnation.
Opportunity cost is
A. Measured only in dollars and cents. B. The difficulty associated with using one good in place of another. C. What is given up in order to get something else. D. The total dollar cost to society of producing the goods.
Technological progress has played a very important role in China's economic growth. Where does the technological progress in China come from?
What will be an ideal response?