The peak of the total revenue curve is achieved at the point where:
a. marginal revenue is the highest.
b. price is the highest.
c. marginal revenue is zero.
d. marginal cost is zero.
C
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How does the United States compare to other advanced, industrialized economies on the issue of openness?
a. It is completely closed. b. It is one of the less open of them. c. It is about average in openness. d. It is one of the more open of them. e. It is the most open of them.
Which of the following is true?
A. Twenty-five percent of Americans were officially unemployed in 1933. B. The United States' economy expanded steadily from 1933 to 1937. C. Once the Great Depression began in 1929, the United States' economy moved steadily downhill until 1933. D. All of the choices are true.
Which of the following is a key economic function of government?
a. protects and enforces property rights and contracts b. issues passports, visas, and foreign travel advisories c. researches the causes and cures of illness and disease d. awards medals and honors for cultural achievement
When inflation occurs, net exports will
A. increase as imports decrease. B. increase as exports increase. C. decrease as imports decrease. D. decrease as imports increase.