Wealth is considered to be a
A) nontaxable stream of funds.
B) flow.
C) stock.
D) resource.
C
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Okun's Law states that
A) there is a relationship between the unemployment rate, real GDP, and potential GDP. B) supply creates its own demand. C) as the unemployment rate rises, the inflation rate falls. D) a higher inflation rate leads to a higher nominal interest rate. E) as the real wage rate falls, the quantity of labor demanded increases.
Comment on the following statement: "Firms should maximize the difference between marginal revenue and marginal cost."
What will be an ideal response?
Refer to Figure 10.1. If the level of real GDP is initially Y2, firms will ________ production until equilibrium is reached at ________
A) increase; Y2 B) decrease; Y2 C) increase; Y1 D) decrease; Y1
The drug maker Pfizer enjoyed a monopoly of the antibiotic Lipitor because of patent rights
a. True b. False Indicate whether the statement is true or false