All of the following are flow variables EXCEPT
A. capital goods.
B. saving.
C. consumption.
D. investment.
Answer: A
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Under the Bertrand Model of oligopoly
a. output will be greater than under monopoly but less than competitive output. b. output will be less than under monopoly but greater than competitive output. c. output will be equal to competitive output. d. output will be equal to monopoly output.
The concept of price elasticity of demand measures the
A. number of buyers in a market. B. slope of the demand curve. C. extent to which the demand curve shifts as the result of a price decline. D. sensitivity of consumer purchases to price changes.
Adverse selection is caused by
a. Hidden actions b. Hidden information c. Both of the above d. None of the above
For any horizontal demand curve, the price elasticity of demand is:
A. infinite. B. 1. C. equal to the price of the good. D. 0.