Suppose Chip's Chips produces bags of potato chips that sell for $3 a bag. What was the total revenue for Chip's Chips?
A. Cannot answer this question without knowing the cost per bag.
B. Cannot answer this question without knowing the quantity of bags sold.
C. Cannot answer this question without knowing the cost per bag and the quantity of bags sold.
D. Cannot answer this question without knowing what market share they hold.
B. Cannot answer this question without knowing the quantity of bags sold.
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One problem with using market values to measure GDP is that
A) you cannot compare completely heterogeneous goods by using their dollar values. B) some useful goods and services are not sold in markets. C) prices for some goods change every year. D) market values of exported goods are usually priced in foreign currencies.
Diebold and Rudebusch showed that the composite index of leading indicators did not improve forecasts of industrial production because
A) the index is not produced in a timely manner. B) the government manipulates the index so it never predicts a recession. C) the index is not designed for forecasting. D) data on the components of the index are revised.
As monthly rain levels rise, golf course revenue falls because casual golfers prefer to stay dry. This is an example of:
A. scarcity. B. incentives. C. normative analysis. D. correlation and causation.
The typical total profit graphical presentation is shown as
a. a square. b. a rectangle. c. a hill, or mound. d. an S curve.