A firm's total revenue
a. is the profit it earns by producing and selling a particular quantity of output
b. varies as output varies along the demand curve the firm faces
c. is constant at all points along a fixed demand curve
d. is determined by subtracting total profit from total cost
e. always decreases as its output increases, because costs rise
B
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If all we know is that the opportunity cost of a car equals 100 refrigerators in France, and 200 refrigerators in Italy, we can conclude
a. nothing about which nation has the absolute advantage in refrigerator production b. that France has a comparative advantage in refrigerator production c. that mutually beneficial international trade might involve the market exchange of 1 car for 80 refrigerators (whereby France would gain more than Italy) d. that mutually beneficial international trade might involve the market exchange of 1 car for 300 refrigerators (whereby Italy would gain more than France) e. that France has the absolute advantage in car production
A bank would be considered insolvent when the value of its liabilities exceed its
a. assets. b. required reserves. c. actual reserves. d. net worth.
The financial crisis and recession which began in 2007:
A. impacted only high-income countries. B. did not impact the United States. C. impacted many countries in the world. D. impacted only low-income countries.
Which government policy is the principal focus of Ricardian Equivalence?
A) tax cuts B) government spending increases C) government borrowing D) seignorage