You hire a set of economic consultants and they tell you the following: At a price of $7, 24 units of the good could be sold; at a price of $6, 29 units of output could be sold. You know then that the firm's total revenue at a price of $7 would equal
a. $174
b. $14
c. $6
d. $168
e. $342
D
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Demand-pull inflation results from continually increasing the quantity of money, which leads to continually
A) decreasing potential GDP. B) increasing potential GDP. C) increasing aggregate supply. D) decreasing aggregate demand. E) increasing aggregate demand.
The three most important sources of federal tax revenue in order of descending importance are:
A. sales, payroll, and personal income taxes. B. personal income, corporate income, and sales taxes. C. personal income, corporate income, and payroll taxes. D. personal income, payroll, and corporate income taxes.
Gary Franklin is a movie critic. He invented the Franklin Scale with which he rates movies from 1 to 10 (10 being best). When asked about his scale, Mr. Franklin explained "that it is a subjective measure of movie quality
A movie with a ranking of 10 is not necessarily 10 times better than a movie with a ranking of 1, but it is better. A movie with a ranking of 5 is better than a movie with a ranking of 1, but is not as good a movie with a ranking of 10. That's all it really tells you." Based on Mr. Franklin's description, his scale is: A) ordinal but not cardinal. B) cardinal but not ordinal. C) an objective standard to judge movies. D) neither cardinal nor ordinal.
The difference between a perfectly competitive firm and a monopolistically competitive firm is that a monopolistically competitive firm faces a:
A. horizontal demand curve and price exceeds marginal cost in equilibrium. B. downward-sloping demand curve and price exceeds marginal cost in equilibrium. C. horizontal demand curve and price equals marginal cost in equilibrium. D. downward-sloping demand curve and price equals marginal cost in equilibrium.