GDP is a
A. stock because it measures wealth at a distinct point in time.
B. flow because it measures income over a period of time.
C. flow because dollar values are used.
D. stock because it measures income for the entire country.
Answer: B
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Suppose you have one hour to catch a flight to Miami for spring break, and it takes 45 minutes to drive to the airport. Your car is almost out of gas and the price of gas at the closest gas station is higher than at other gas stations that are much farther away. To you, the price elasticity of demand for gas is likely to be ________ than it would be if you had several hours before the flight.
A. lower B. more variable C. no different D. higher
Refer to the diagram. If price falls from P 1 to P 2 , total revenue will become area(s):
A. B + D.
B. C + D.
C. A + C.
D. C.
Productivity tends to
A. fall during expansions. B. rise during expansions. C. rise throughout the business cycle. D. rise during contractions.
A decrease in stock prices alters the consumption function by:
A. decreasing disposable income. B. increasing autonomous consumption. C. decreasing autonomous consumption. D. increasing disposable income.