The amount of money that a firm receives from the sale of its output is called
a. total gross profit.
b. total net profit.
c. total revenue.
d. net revenue.
c
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Use the following table to answer the question below.Giovanni's Production Possibilities ScheduleJorge's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn02400480301802036060120402409060601201200800Who has the comparative advantage in the production of green beans?
A. Giovanni B. Jorge C. Both D. Neither
A market which consists of many sellers and only one buyer is called a:
A. monopsony. B. monopoly. C. oligopoly. D. monopolistic competitor.
The term Ceteris paribus means that:
a. everything is changing. b. all other things remain unchanged. c. no one knows which variables will change and which will remain constant. d. the basic principle of economics do not apply to the case being considered.
If an economy is producing at full employment, it means that:
a. there are idle resources in this economy. b. the production is not efficient. c. the economy is producing along its production possibilities curve. d. the economy is producing at a point that is to the left of the production possibilities curve. e. the economy is producing at a point that is to the right of the production possibilities curve.