Suppose Larry's Lariats produced 25,000 lassos and sold each for $10. What was the total revenue for the company?
A. $250,000
B. $25,000
C. $2,500
D. $2,500,000
A. $250,000
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The bowed-out shape of the production possibilities curve shows that as more of one product is produced,
a. the opportunity cost per unit will increase. b. the opportunity cost per unit will decrease. c. the opportunity cost per unit stays the same. d. the production possibilities curve shifts inward.
A horizontal merger
a. combines similar firms that serve separate markets. b. combines firms that produce similar products. c. enables a company to control each stage of the production process: from raw materials to the final marketing of the product. d. enables similar firms to form a cartel.
Which of the following measures how the level of well-being in a country has changed over time?
a. level of nominal GDP per person. b. growth rate of nominal GDP. c. growth rate of real GDP. d. growth rate of real GDP per person.
Trade policies
a. affect a country's overall trade balance, but affect all firms and industries the same. b. affect a country's overall trade balance, but affect some firms or industries differently than others. c. do not affect a country's overall trade balance, but affect some firms or industries differently than others. d. do not affect either a country's overall trade balance or specific firms or industries.