Profits equal:
A) total revenue minus variable costs.
B) revenue minus fixed costs.
C) total revenue minus total costs.
D) total revenue.
C
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Which of the following statements is false?
A) Between 1980 and 2006, the index of openness has risen for most countries. B) Since 1950, international trade has been growing faster than the growth of world output. C) A country cannot be a leading world exporter without a high index of openness. D) Two of the above are true.
Which of the following shocks is most likely to cause an expansion?
a. An upward spike in oil prices. b. An increase in autonomous consumption spending. c. A significant decline in business equipment spending. d. A sudden increase in the interest rate. e. A significant decline in exports.
Which of the following is false?
a. Long run equilibrium in monopolistic competition results in zero economic profits b. Monopolistic competitor's demand curves are likely to be more elastic than those of monopolists. c. Monopolistic competition results in a greater variety of products than perfect competition. d. Monopolistic competition's zero economic profit long run equilibrium is efficient, like the zero profit equilibrium in perfect competition.
Which of the following line items was the largest credit for 2017?
a. service exports
b. service imports
c. imports of goods
d. exports of goods