What is the difference between money and wealth?
Money is defined as the set of assets in the economy that people regularly use to buy goods and services from other people. Wealth includes all assets, both monetary and nonmonetary.
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The largest recipient of remittances in dollars in the year 2008 was:
(a) India. (b) Mexico. (c) Pakistan. (d) Philippines.
If the price level increases by 15 percent while nominal income increases by 8 percent, then in percentage terms real income would:
a. Rise by about 8 percent b. Fall by about 8 percent c. Fall by about 7 percent d. Fall by about 15 percent
According to the law of demand there is ________ relationship between price and quantity demanded.
A. either a positive or negative B. a constantly changing C. a positive D. a negative
Assume that the total utilities for the fifth and sixth units of a good consumed are 83 and 97, respectively. The marginal utility for the sixth unit is:
a. -14 b. 14 c. 83 d. 97