The amount sellers receive for a good or service is called ______.
a. total revenue
b. net revenue
c. total sales
d. net sales
a. total revenue
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If an economy is at its potential output level, which of the following is not true?
a. The economy is at its full-employment output level. b. Unemployment is at the natural level. c. The price level is zero. d. The output level being produced can be sustained indefinitely given the economy's resources and technology. e. The only unemployment is frictional or structural.
The ___________ school holds that all inflations are caused by excessive growth in the money supply and that monetary policy affects GDP directly.
Fill in the blank(s) with the appropriate word(s).
The combination of shocks hitting an economy is:
A. usually known to policymakers before they decide what action to take. B. hard to see without looking at lots of economic data. C. difficult to identify because they are so numerous. D. irrelevant as long as the rates of inflation and real growth are known.
When the quantity of money supplied equals the quantity of money demanded, then
A. the money market is in equilibrium. B. the goods market is in equilibrium. C. the money market is not in equilibrium. D. the asset market is in equilibrium.