Total wealth is a ____ concept; total income is a ____ concept.
a. stock; flow.
b. stock; stock.
c. flow; stock.
d. flow; flow.
a. stock; flow.
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A deadweight loss is created
A) only if the last unit produced has a marginal social benefit greater than its marginal social cost. B) only if the last unit produced has a marginal social cost greater than its marginal social benefit. C) only if the last unit produced has a marginal social benefit equal to its marginal social cost. D) if for the last unit produced, marginal social cost is greater than its marginal social benefit or if its marginal social benefit is greater than its marginal social cost.
A popular entertainer gives a concert in a 50,000 seat stadium. To give her fans a break, she charges only $50 a seat instead of the customary $75 a seat
At $75 a ticket, there would have been 50,000 tickets sold, and at $50, there are 80,000 people who want tickets. As a consequence of the generosity of the entertainer A) her fans are made better off. B) a more fair system of pricing the tickets has been found. C) another type of system will have to be found to allocate the tickets, making some of her fans better off and others worse off. D) her fans are made worse off since there is an excess demand of 30,000 tickets.
When the wage rate rises, a worker chooses to replace some leisure hours with work hours, even if he would remain equally well off. This phenomenon is known as
a. compensating differential. b. the income effect. c. the substitution effect. d. intertemporal substitution.
In 2012, the so-called Tax Freedom Day in the U.S. occurred in:
A. February B. April C. August D. June