The amount a firm receives after all costs have been paid.
a. Marginal Revenue
b. Marginal Profit
c. Profit
d. Revenue
Ans: c. Profit
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Which of the following tools of commercial policy yields a revenue to the government?
a. Quota b. Tariff c. Export subsidy d. Government procurement policy e. Health and safety standards
If the central bank uses monetary policy to increase the ____________ rate, then commercial banks will reduce their borrowing of reserves from the Fed.
a. savings b. discount c. activity d. return
Firm A is a monopoly. The demand for its output is p = 90 - Q. Production is such that Q = L. Firm A hires only unionized labor. The marginal cost to the union is $10 per unit of labor. The union will sell
A) 20 units of labor at a wage of $10. B) 20 units of labor at a wage of $40. C) 20 units of labor at a wage of $50. D) 20 units of labor at a wage of $70.
Which event probably contributed to the stagflation of the 1970s?
A. Worldwide agricultural surpluses B. An improvement in productivity of resources C. An appreciation in the dollar D. A sharp rise the price of oil