Which of the following statements is TRUE about income and wealth?
A) Income is a flow measure and wealth is a stock measure.
B) Income is a stock measure and wealth is a flow measure.
C) Both income and wealth are flow measures.
D) Both income and wealth are stock measures.
A
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If the quantity supplied of money exceeds the quantity demanded of money, people will ________ bonds which will cause bond prices to ________ and the nominal interest rate to ________ until the quantity demanded and quantity supplied of money are equal.
A. sell; fall; fall B. sell; rise; fall C. buy; fall; rise D. buy; rise; fall
Who among the following is speculating?
A) The economics department that offers its first online principles course B) The bookstore that buys back the Math 101 textbooks without confirmation that the department definitely plans to adopt it again next semester C) The resident hall advisor who purchases party favors for the end-of-semester bash D) All of the above. E) B and C above.
In the figure above, if an excise tax is imposed that generates an efficient allocation of resources, then the amount of output will be
A) zero. B) 50 units. C) 150 units. D) 250 units.
From the early 1860s to the early 1900s, the amount of land acquired by sales (including from railroads and states) was _____ land obtained free through homesteading
a. roughly half as much as b. about the same as c. twice as much as d. triple the amount of