Which of the following statements is TRUE?
A) Both wealth and income measure variables over a period of time.
B) Wealth measures a variable at a point in time and income measures a variable over a period of time.
C) Wealth measures a variable over a period of time, and income measures a variable at a point in time.
D) Both wealth and income measure variables at a point in time.
B
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The marginal rate of substitution is the rate at which a person is willing to substitute one good for another good while remaining on the same indifference curve
Indicate whether the statement is true or false
An issue never confronted effectively by GATT, but considered an important issue for WTO is that of
A) the promotion of freer World trade. B) the promotion of freer World commodity trade. C) the promotion of freer World services trade. D) the lowering of tariff rates. E) the liberalization of trade.
A rate of inflation that exceeds the growth rate of money for a country could be explained by:
A. a decreasing velocity of money. B. a growing real economy. C. a constant velocity of money. D. an increasing velocity of money.
Which of the following is not true about marginal revenue product?
A. It shows the value of the marginal physical product. B. It is the marginal physical product times price of the product under perfect competition. C. It is the marginal physical product times marginal revenue. D. It shows the marginal costs of inputs.