Refer to the information provided in Figure 7.1 below to answer the following question(s). 
Figure 7.1Refer to Figure 7.1. A corn producer produces 80 bushels of corn and sells each bushel at $5. The cost of producing each unit bushel is $2. This corn producer's total revenue is ________ and profit if ________.
A. $160; $0
B. $400; $160
C. $400; $240
D. $240; $80
Answer: C
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Refer to Table 7-6. Which country has a comparative advantage in producing swords?
A) Estonia B) Morocco C) both countries D) neither country
The Federal Reserve System was created in
a. 1776 b. 1894 c. 1913 d. 1930 e. 1936
An expansionary monetary policy will
a. increase imports. b. decrease exports. c. increase a current account deficit. d. decrease a capital account surplus.
Roaring Lion Studios can produce DVDs at a constant marginal cost of $5 per disk, and the studio has just releasing the DVD for its latest hit film, Ernest Goes to the Hamptons
The retail price of the DVD is $25, and the elasticity of demand for this film is -2. Has the studio selected the profit-maximizing retail price for this DVD? A) Yes B) No, the retail price is too low C) No, the retail price is too high D) We do not have enough information to answer this question.