A flow is a measure defined:
A. in nominal terms.
B. in real terms.
C. at a point in time.
D. per unit of time.
Answer: D
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Which of the following statements is true for markets in which the demand curve slopes downward and the supply curve slopes upward?
a. As the size of the tax increases, tax revenue continually rises and deadweight loss continually falls. b. As the size of the tax increases, tax revenue and deadweight loss rise initially, but both eventually begin to fall. c. As the size of the tax increases, tax revenue rises initially, but it eventually begins to fall; deadweight loss continually rises. d. As the size of the tax increases, tax revenue rises initially, but it eventually begins to fall; deadweight loss falls initially, but eventually it begins to rise.
Suppose that the economy is at long-run equilibrium. If there is a sharp rise in the stock market combined with a significant increase in the minimum wage, then in the short run
a. real GDP will rise and the price level might rise, fall, or stay the same. b. real GDP will fall and the price level might rise, fall, or stay the same. c. the price level will rise, and real GDP might rise, fall, or stay the same. d. the price level will fall, and real GDP might rise, fall, or stay the same.
On a straight line demand curve, total revenue is maximized where demand is unitary elastic.
Answer the following statement true (T) or false (F)
In 1973, the oil embargo sparked a wage-price spiral due to higher energy costs. In 2004, with a similar spike in oil prices, there was not a corresponding wage-price spiral because
A. the jump in prices did not last very long. B. the economy avoids unanticipated inflation. C. of alternative energy sources. D. of heavy government regulation.