What is the total revenue of a shoe company equal to?
A. income minus explicit and implicit costs
B. the change in quantity sold divided by the change in price
C. price of shoes times quantity sold
D. elasticity of demand divided by percentage change in quantity
Answer: C
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Which of the following transactions takes place in factor markets?
A) Henry receives a commission from his employer for selling a new automobile. B) Jake purchases 1,000 shares of stock in the Wal-Mart Corporation through his online trading account. C) Sam enters the winning bid on a grand piano at a local auction. D) Justin receives $30 in exchange for mowing his neighbor's lawn. E) Lucille receives a $500 check from the U.S. Social Security Administration.
To determine GDP from the production function, we need to know
A) the quantity of labor employed. B) the quantity of labor available for work. C) the unemployment rate. D) the quantity of labor supplied by firms. E) the real wage rate.
If an average cost pricing rule is imposed on the natural monopoly shown in the figure above, then consumer surplus will be
A) $0. B) $8 million. C) $9 million. D) $16 million.
Reductions in private spending as a result of increased government spending or the need to finance a budget deficit is called
A) pushing in. B) rushing forth. C) crowding in. D) crowding out.