Total revenue is the amount:
A. of sales that get reinvested in the firm.
B. a firm receives from the sale of goods and services.
C. a firm receives from dividends.
D. a firm keeps after all expenses are paid.
Answer: B
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Suppose that in October the price of a cup of cafe latte was $2.50 and 400 lattes were consumed. In November the price of a latte was $2.00 and 300 lattes were consumed. What might have caused this change?
A) The price of tea (a substitute for cafe lattes) rose. B) The price of tea (a substitute for cafe lattes) fell. C) The price of coffee beans (an input of production of cafe lattes) rose. D) The price of coffee beans (an input of production of cafe lattes) fell.
In a call center, which of the following situations can be considered as a variable input in the short run?
A) the level of computer software being utilized B) the number of call center representatives on duty at the center C) the number of call center managers or supervisors D) the size (e.g., square footage) of the call center
The 1974 federal legislation that exempted employers from certain state laws governing health insurance was
a. COBRA b. ERISA c. CON d. HIPAA e. SCHIP
If buyers expect future price increase, they will ___________ their purchases to avoid it. Similarly, sellers will __________ selling to take advantage of it
a. Accelerate; accelerate b. Accelerate; delay c. Delay; accelerate d. Delay; delay