If profit is commonly defined as "total revenue minus total cost," then
A) there is no way to measure losses.
B) a negative profit implies a loss.
C) losses can only be measured as "total cost minus total revenue."
D) profits must always equal losses.
B
Economics
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Macroeconomic equilibrium occurs when
A) there is no inflation. B) real GDP is equal to potential GDP. C) the aggregate quantity demanded is equal to the aggregate quantity supplied. D) the economy is fully employed. E) the price level equals the potential price level.
Economics
Which of the following was one of the most important achievements of the Uruguay Round of trade talks?
A) The creation of the WTO. B) The creation of the IMF. C) The creation of the World Bank. D) The creation of the GATT organization for international trade.
Economics