Which of the Following Statements Is True About Revenue

question 44

Multiple Choice

Which of the following statements is true about revenue?

• A)Revenue is the total amount received for selling a good or service.
• B)Revenue is calculated by dividing the price per unit by the number of units sold.
• C)The terms "revenue" and "profit" can be used interchangeably.
• D)A firm's revenue will increase as its costs increase.

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Definitions:

GATT

General Agreement on Tariffs and Trade, a multilateral treaty aimed at reducing global barriers to trade and promoting international commerce.

WTO

The World Trade Organization, an international body that deals with the rules of trade between nations.

NAFTA

The North American Free Trade Agreement, a treaty between the United States, Mexico, and Canada that eliminated most tariffs and trade barriers between the countries.

Free Trade

The exchange of goods and services across international boundaries or territories without restrictions such as tariffs, duties, or quotas.