The total revenue of a perfectly competitive firm is calculated by
A) multiplying average revenue by price.
B) dividing price by quantity.
C) multiplying price by quantity.
D) multiplying quantity by average total cost.
Answer: C
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Keynesian economists, like classical economists, believed that prices and wages were flexible in both directions
Indicate whether the statement is true or false
Which of the following is likely to be most capital-intensive?
A. Production of clothing in rural China. B. Farming in developing countries. C. Oil refining in the United States. D. None of the choices are correct.
If a household's income falls from $20,000 to $17,000 and its consumption spending falls from $18,000 to $15,000, then its _____
Fill in the blank(s) with the appropriate word(s).
The natural rate of unemployment is the rate of unemployment that
A. is an unrealistic goal set by policymakers. B. occurs when employers find more than one job applicant for each job available. C. all workers and employers have fully adjusted to any changes in the economy. D. occurs when all workers find work in the economy.