Total revenue is:
A. the amount that an individual gets paid over a specified period of time, typically annually.
B. the quantity sold multiplied by the price paid for each unit.
C. the amount that a firm spends on all inputs that go into producing a good or service.
D. the quantity produced multiplied by the cost of producing each unit.
Answer: B
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When $1 million is deposited at a bank, the required reserve ratio is 20 percent, and the bank chooses not to hold any excess reserves but makes loans instead, then, in the bank's final balance sheet
A) the assets at the bank increase by $800,000. B) the liabilities of the bank increase by $1,000,000. C) the liabilities of the bank increase by $800,000. D) reserves increase by $160,000.
According to the above table, if these two countries trade
A) Mexico should import computers and the United States import bicycles. B) the United States should import computers and Mexico should import bicycles. C) the United States should export bicycles and Mexico should export computers. D) we cannot tell which country should export which good without knowing the amount of labor utilized in each country.
Public choice economists often explain low voter turnouts in terms of
A) dissatisfaction of many voters with the limited choice of candidates. B) lack of civic responsibility of the electorate. C) net costs of voting that many voters perceive. D) rational ignorance of many voters of the actual date of the elections.
What causes the natural rate of unemployment to exist?
What will be an ideal response?