Total revenue equals
a. price x quantity.
b. price/quantity.
c. (price x quantity) - total cost.
d. output - input.
a
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The natural rate of unemployment is that rate
A) below which the economy can never be. B) corresponding to full-employment. C) corresponding to a constant rate of inflation. D) which is zero.
Apple just announced it will be coming out with the newest model iPhone in the next six months. One could reasonably expect demand for the current model of iPhone to:
A. decrease due to a change in expectations of future prices. B. increase due to a change in expectations of future prices. C. increase due to limited supply of the current model. D. decrease due to the change in price of a substitute good.
If a union insists that the employer hire only union members, this is called a
a. union shop b. monopsony c. monopoly d. open shop e. closed shop
Vote trading in order to pass legislation is commonly called _____
Fill in the blank(s) with the appropriate word(s).