Table 31-1 -Refer to Table 31-1. What Are Bolivia's Net Exports

question 275

Multiple Choice

Table 31-1

-Refer to Table 31-1. What are Bolivia's net exports?

• A) $30 billion
• B) $5 billion
• C) -$5 billion
• D) -$25 billion

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Definitions:

Average Revenue

The revenue earned per unit of output sold; calculated by dividing the total revenue by the number of units sold.

Total Revenue

The total amount of money received by a firm from selling its goods or services.

Total Cost

The complete amount of money required for the production of a given level of output, including both fixed and variable costs.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, representing the profits that exceed normal expected profits.