Money is a ________ and a transaction is a ________
A) stock; stock
B) flow; flow
C) flow; stock
D) stock; flow
D
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The average total cost of production
A) equals total cost of production multiplied by the level of output. B) is the extra cost required to produce one more unit. C) equals the explicit cost of production. D) equals total cost of production divided by the level of output.
When the Fed purchases artwork to decorate the conference room at the Federal Reserve Bank of Kansas City
A) reserves rise, but the monetary base falls. B) reserves fall. C) currency in circulation falls. D) the monetary base rises.
Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton
If the price elasticity of demand for steel is -0.3 in Europe, what is an appropriate value for the price coefficient (b) in a linear demand function Q = a - bP? A) b = 0.9 B) b = -0.9 C) b = 0.1 D) b = -0.1
The wage premium for the average college graduate (vs. the average high school graduate) has gone down significantly in recent years
a. True b. False