Which of the following is an example of wealth?
A. A yearly salary of $40,000
B. A mutual fund balance of $1,000
C. Rental payments of $3,000 per month
D. Stock dividends of $500 per quarter
Answer: B
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If a nation has an absolute advantage in the production of some commodity, it
a. can gain only if it has a comparative advantage in the commodity. b. may still gain from trade in the commodity. c. cannot gain from trade in the commodity. d. cannot gain unless it has an absolute advantage in every other commodity.
Many states charge a 10-cent deposit on every can of soda sold. A purchaser pays an extra 10 cents per can and will get his or her money back by returning the empty can to a store. This policy encourages recycling by
A. lowering the willingness to pay for recycling materials. B. shifting in the demand curve for canned soda. C. raising the opportunity cost of discarding empty cans. D. taxing the production of canned soda.
When the government imposes an effective price ceiling on a monopolist, what will be sure to happen in the short run?
A. The dollar price will increase. B. There will be a shortage of the product. C. The dollar price will fall. D. There will be a surplus of the product.
The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.