Net revenue is defined as
A) marginal revenue minus marginal cost.
B) total revenue minus marginal cost.
C) total revenue minus total cost.
D) gross revenue minus depreciation.
C
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When a tax is imposed, some of the lost surplus becomes tax revenues and the rest is:
A. transferred to consumers. B. transferred to producers. C. transferred to recipients of government services. D. simply lost.
According to your textbook, profit is a payment to
a. capital in the resource market b. labor in the entrepreneurial market c. capital in the product market d. entrepreneurship in the product market e. entrepreneurship in the resource market
What is the difference between the absolute and relative concepts of poverty? What are the major problems in measuring poverty with them?
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. When trade opens up, the United States should produce:
A. apples, since they have a comparative advantage in the production of apples, and not trade. B. only apples, since they have a comparative advantage in the production of apples, and trade for shoes. C. only shoes, since they have a comparative advantage in the production of shoes, and not trade. D. both goods, since they have an absolute advantage in both goods, and not trade.