Total revenue is a term economists use to describe the
a. price the firm charges for its goods
b. money remaining after costs are paid
c. average profit earned per good sold
d. total profit earned by the firm
e. money the firm receives selling its goods
E
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A U.S. firm produces sweatshirts in the first quarter of 2010 and adds them to its inventory. In the second quarter of 2010 the firm sells the sweatshirts to consumers. In which quarter(s) does(do) these transactions raise consumption?
a. the first and the second b. the first but not the second c. the second but not the first d. neither the first nor the second
Italy has a comparative advantage in the production of which product?
The two general approaches to reducing global poverty include the redistribution of incomes and economic growth.
Answer the following statement true (T) or false (F)
Economic growth implies a
A. Rightward shift of the short-run aggregate supply curve. B. Rightward shift of the aggregate demand curve. C. Rightward shift of the long-run aggregate supply curve. D. Leftward shift of the long-run aggregate supply curve.