Total number of monetary units received by a firm from the sale of a product is called___________________?

A. Total revenue
B. Nominal profit
C. Both
D. None

To obtain the greates utility consumer should allocate money income so that last dollar spent on each good or service yields the same marginal utility ?

A. Law of diminishing return
B. Say’ law
C. Law of diminishing marginal utility
D. Say’ law

Increase in the price level at a rate greater than expected ?

A. Dearness
B. Deflation
C. Stagflation
D. Unanticipated

Building of new factories in particular nation by corporations of other nations ?

A. Discrimination
B. Direct foreign investment
C. Profit maximization rule
D. Economies of scale

An industry in which economics profits are negative and which will, therefore, decrease its output as firms leave it ?

A. Increasing cost industry
B. Decreasing cost industry
C. Declining industry
D. None of these

A course of action indented to correct or avoid a problem_________________?

A. Economic principle
B. Economic policy
C. Economic phenomena
D. Economic rationale

Obtaining the socially optimal amounts of goods and services using minimum necessary resources ?

A. Economic efficiency
B. Productive efficiency
C. Allocative efficiency
D. All

An accounting item which decreases the value of an asset___________________?

A. Debit
B. Credit
C. Depreciation
D. None

A labour union which limits its membership to workers with a particular skill ?

A. Labour union
B. Craft union
C. Credit union
D. None

A federal budget deficit caused by a recession and a consequent decline in tax revenues ?

A. Annual deficit
B. Cyclical deficit
C. Anticipated deficit
D. None