In the short run, if a firm shuts down, its total revenue is
a. $0
b. equal to its fixed costs
c. greater than its variable costs
d. greater than its fixed costs
e. less than its variable costs
A
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Economics is generally concerned with
A. the operation of banks and the stock market. B. business management. C. how resources are allocated among alternative goals. D. the right time to start a business.
In the United States economy, what is the basic measure of money?
A) wealth B) disposable income C) M1 D) commodities
If a country had a CPI of 105.0 last year and a CPI of 102.0 this year, then
A) the average prices of goods and services increased between last year and this year. B) the average prices of goods and services decreased between last year and this year. C) the average quality of goods and services decreased between last year and this year. D) there was an error when calculating the CPI this year. E) the quantity of consumer goods and services produced decreased between last year and this year.
When all workers who want jobs have them and the demand for and supply of labor are in equilibrium,
A) the unemployment rate will be zero. B) unemployment is at its natural rate. C) the economy will be experiencing high rates of inflation. D) frictional unemployment will be zero.