The total revenue received by sellers of a good is computed by
What will be an ideal response?
multiplying the price times the quantity sold.
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Suppose that the extra cost to Tim of a third glass of soda is zero because he's at a restaurant that gives free refills. According to the Cost-Benefit Principle Tim should:
A. drink a third glass of soda. B. drink a third glass of soda if his total benefit from drinking soda is positive. C. drink a third glass of soda if the extra benefit of doing so is positive. D. not drink a third glass of soda.
Which of the following causes a movement along a supply curve?
A. a change in technology B. a change in resource costs C. a change in the price D. all of these
Why is it unlikely that tax increases will be the way to eliminate current U.S. federal budget deficits?
A. The revenues generated by increasing taxes on the rich would only pay for a small portion of the federal budget deficit in any recent year. B. Increasing every worker's taxes by the same amount could eliminate the deficit, but it is likely this action would be viewed as too burdensome for workers with modest incomes. C. Since World War II, on average when taxes were increased by a dollar, federal government spending increased by that much and more. D. all of these
Over the last 50 years, the U.S. labor force participation rate of men has ________ by ________ the labor force participation of women has ________. As a result, the overall U.S. labor force participation has ________
A) increased; more than; decreased; increased B) decreased; more than; increased; decreased C) increased; less than; decreased; decreased D) decreased; about the same rate as; increased; remained steady E) decreased; less than; increased; increased