Which one of the following do economists consider to be a stock?
A. Salaries
B. Wages
C. Money
D. Income
Answer: C
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Discuss the correct and incorrect economic analysis in the following statement
"If good weather in Hawaii creates a bumper crop of pineapples, the supply of pineapples will increase. This will result in a price decrease, which will then cause the supply of pineapples to decrease."
A firm's demand for labor is known as a "derived demand" because
a. the firm gains utility from hiring more labor. b. the amount of labor hired depends upon how much output the firm can sell. c. the wage rate paid to workers is derived from the market for labor. d. it is derived from the demand for capital.
The interdependence among oligopoly firms arises because: a. the products those firms produce are homogeneous
b. the products those firms produce are heterogeneous. c. entry barriers are low. d. a small number of firms produce a large share of industry output.
After a country goes from disallowing trade in coffee with other countries to allowing trade in coffee with other countries,
a. the domestic price of coffee will be greater than the world price of coffee. b. the domestic price of coffee will be lower than the world price of coffee. c. the domestic price of coffee will equal the world price of coffee. d. The world price of coffee does not matter; the domestic price of coffee prevails.