If the price of a good increases and the total revenue remains the same, the demand for the good is
A) elastic.
B) inelastic.
C) unit elastic.
D) perfectly elastic.
Answer: C
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Which of the following would be considered an implicit cost of operating a business?
A) interest payments on a loan B) Social Security contributions for employees C) the resale value of delivery vans the company owns and uses for its deliveries D) shipping expenses
Since 1870, U.S. labor productivity growth has averaged roughly 2.1 percent annually
a. True b. False Indicate whether the statement is true or false
In a "reverse repurchase agreement," the Fed:
A. takes on assets besides T-Bills in exchange for T-Bills. B. takes on T-Bills in exchange for other assets besides T-Bills. C. takes on T-Bills in exchange for reserves. D. takes on reserves in exchange for T-Bills.
Use the following figure to answer the next question.
If the firm is producing at Q1, the area 0BEQ1 represents the
A. total variable cost. B. total cost. C. average variable cost. D. total fixed cost.