Suppose Bev's Bags makes large handbags and small handbags. They sold 70,000 large bags for $45 each and 25,000 small bags for $15 each. What was the total revenue for this company?
A. $3,150,000
B. $375,000
C. $3,525,000
D. $2,850,000
C. $3,525,000
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If the U.S. national income is ten times the national income of Canada and the MPC in the US is 0.75 while it is 0.90 in Canada, then
a. the MPS is greater in the U.S. but consumption is greater in Canada b. the MPS is greater in the U.S. but saving is greater in Canada c. the MPS is greater in Canada but saving is greater in the U.S. d. both the MPS and saving is greater in Canada e. both the MPS and saving is greater in the U.S.
One consumption bundle is revealed preferred to a second bundle if:
A. a consumer voluntarily chooses it over the second bundle. B. surveys reveal that consumers are more likely to choose it than the second bundle. C. it is cheaper than the second bundle. D. it lies on a higher indifference curve than the second bundle.
In the absence of trade barriers, patterns of trade are driven by comparative advantage.
a. true b. false
In the above table, the marginal cost of the ninth unit is
A. $5.00. B. $7.00. C. $6.00. D. $4.00.