A firm's total revenue can be determined by
A. Total costs minus variable costs.
B. Profits minus costs.
C. Fixed costs minus quantity.
D. Price times quantity.
Answer: D
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The relationship between the aggregate demand curve and the aggregate expenditures model is derived from the fact that a(n) ________.
A. decrease in the price level shifts the aggregate expenditures schedule downward and decreases equilibrium GDP B. increase in the price level shifts the aggregate expenditures schedule downward and increases equilibrium GDP C. increase in the price level shifts the aggregate expenditures schedule upward and decreases equilibrium GDP D. decrease in the price level shifts the aggregate expenditures schedule upward and increases equilibrium GDP
The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal. What is the size of the deadweight loss from the program?
A. $1.5 billion B. $3 billion C. $4.5 billion D. $18 billion
Who benefit(s) from protectionism?
a. Consumers b. Domestic producers c. No one d. Both consumers and domestic producers.
Which of the following possibly determines the allocation of goods and services in a free market?
a. The availability of raw materials b. The cost of production c. The level of government intervention d. The ability of the producers to produce a differentiated product e. The willingness and ability of consumers to pay for the product