A flow variable:
a. Is an inconsistency in terms, because something cannot be a "variable" and a "flow" at the same time.
b. Is measured at a point in time.
c. Is measured over a period of time.
.C
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Refer to Table 16.2. Nominal GDP for Fredonia for 2015 equals
A) $2,750. B) $3,500. C) $4,325. D) $5,500.
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The government revenue raised by the tax is:
A. $944,444. B. $2.67 million. C. $1.83 million. D. $4.50 million.
Mike purchased a 1968 Chevy Corvette in 2009 for $30,000 and a year later he sold it for $36,000. Due to these transactions
A. Mike earned a dividend of $36,000. B. Mike earned a capital gain of $6,000. C. Mike earned a capital loss of $6,000. D. Mike earned a dividend of $600.
Changes in business inventories are counted as part of gross private domestic investment
Indicate whether the statement is true or false