In a perfectly competitive market, total revenue:
A. is equal to price multiplied by quantity sold.
B. varies due to changes in price, since quantity is constant.
C. should vary across firms.
D. measures how much revenue the firm takes in from all sales less any costs they incur.
Answer: A
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Explain which of the following items are not capital goods:
What will be an ideal response?
Ad valorem tariffs are collected as
A) fixed amounts of money per unit traded. B) a percentage of the price of the product. C) a percentage of the quantity of imports. D) All of the above.
What is the key day-to-day operating tool of monetary policy?
a. corporate stocks b. government bonds c. treasury bills d. domestic commodities
Under the gold standard, because all currencies had values fixed in units of gold
A) exchange rates were effectively fixed. B) there were no exchange rates. C) exchange rates were set to a crawling peg. D) none of the above