The amount that a firm receives from the sale of goods and services is:
A. total profit.
B. total revenue.
C. total cost.
D. total benefit.
B. total revenue.
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An example of moral hazard is
a. workers working diligently even though the boss is not looking b. health care insured dieting and exercising c. drivers of safer cars turning their phones off before driving d. borrowers investing their loan proceeds differently than the bank requires
Which of the following is accounted for when we measure economic growth in terms of per capita real GDP?
a. Changes in the quality of life b. Changes in income distribution c. Changes in standards of living d. Changes in price level e. People's nonmonetary needs
According to the traditional (crowding-out) view, budget deficits will
a. reduce interest rates. b. increase interest rates and retard private investment. c. reduce the investments of foreigners in the United States. d. increase the capital stock available to future generations.
The idea that the Lorenz curve should be along the 45 degree line is consistent with
A) the productivity standard. B) the egalitarian principle. C) the conservative principle. D) none of the above.