When examining the financial status of households, wealth is
A. a flow variable whereas income is a stock variable.
B. a stock variable and includes both tangible assets and human capital.
C. not as important as income because wealth does not change over time.
D. synonymous with income.
Answer: B
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The Smoot-Hawley Act introduced
A) opportunities for expanding U.S. foreign trade. B) the highest tariffs set by the United States in the last 90 years. C) a framework promoting international free trade. D) revenue tariffs as a major source of U.S. government revenues.
Suppose that you allow yourself $50 per month to spend on compact disks. You spend exactly this much every month regardless of the price of compact disks. Therefore, your demand for CDs
a. is elastic b. is inelastic c. is unit elastic d. cannot be characterized unless we know the price of a disk e. cannot be characterized unless we know the price and quantity of compact disks purchased
If an excise tax is imposed on steak,
a. the government's tax revenue will decrease b. the government's tax revenue will increase c. the amount of steak produced and sold will increase d. the market price of steak will decrease e. the market price will rise but the market quantity will be unaffected
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