Total revenue is:
a) The profit a company earns from the sales of goods.
b) Equal to revenues minus the costs of production.
c) The price of a product times the quantity sold in a given time period.
d) The additional revenue earned from the sale of one more unit.
Answer: c) The price of a product times the quantity sold in a given time period.
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A country can gain by importing a good from abroad even if that good can be produced more efficiently at home. Is this statement true?
Suppose we were analyzing the Turkish lira per euro foreign exchange market. If the Euro-Area's price level falls relative to Turkey and nothing else changes, then the:
a. The supply of euros in the foreign exchange market falls, and the demand for euros in the foreign exchange market rises, causing an appreciation of the euro. b. The supply of euros in the foreign exchange market rises, and the demand for euros in the foreign exchange market falls, causing an appreciation of the euro. c. The supply of euros in the foreign exchange market rises, and the demand for euros in the foreign exchange market rises, causing an uncertain change in the value of the euro. d. The supply of euros in the foreign exchange market rises, and the demand for euros in the foreign exchange market falls, causing a depreciation of the euro. e. Neither supply nor demand in the foreign exchange market change because relative international prices influence trade flows and not the exchange rate.
Workers with more human capital on average earn substantially higher pay than workers with less human capital in
a. most countries but not in the United States. b. the United States but not in most other countries. c. the United States and in most other countries. d. None of the above is correct; the evidence fails to indicate that human capital is a significant factor in determining earnings anywhere in the world.
What factors explain why there has been a decline in the political support for agricultural subsidies in recent years?
What will be an ideal response?