Which of the following is incorrect?
A. Money is a means of payment but is not part of wealth.
B. Money is wealth but not all wealth is money.
C. An asset doesn't have to be a means of payment to be a part of a person's wealth.
D. All items considered wealth can eventually be converted to a means of payment.
Answer: A
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The rate at which a person is willing to give up a gallon of gasoline to get one more pound of coffee and remain on the same indifference curve is called his or her
A) relative cost of coffee in terms of gasoline. B) indifference cost of coffee. C) personal price of coffee. D) marginal rate of substitution.
If one allows natural resources to be a factor of production, then it is possible to explain the Leontief Paradox for the United States on the grounds that U.S. imports are natural resource intensive
Indicate whether the statement is true or false
According to Friedman, a person's marginal propensity to consume is determined by the person's
a. transitory income b. permanent income c. absolute income d. marginal propensity to save e. life cycle income
In an open economy, an increase in capital inflows ________ the equilibrium domestic real interest rate and ________ the quantity of domestic investment.
A. increases; decreases B. increases; increases C. decreases; decreases D. decreases; increases