Total revenue earned from the sale of a good is:
A) the price at which the good is sold.
B) the difference between price and cost of production of the good.
C) the product of price and quantity of the good sold in the market.
D) the product of cost of production and quantity of the good sold in the market.
C
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The National Recovery Act:
a. largely redistributed rather than expanded incomes. b. cut unemployment in half. c. was declared unconstitutional by the Supreme Court. d. Both a and b are correct. e. Both a and c are correct.
Which of the following policies would be most likely to reduce the efficiency of a country's economic organization?
a. a legal structure that establishes secure property rights b. imposition of tariffs and other barriers limiting international trade c. competitive markets d. a stable monetary system