When we say that money is a stock variable, we mean that
A) the quantity of money is measured at a given point in time.
B) we must attach a time period to the measure.
C) it is sold in the equity market.
D) money never loses purchasing power.
A
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There was a spike in U.S. legal immigration from 1989 to 1991 due to:
A. An unstable political situation in Mexico B. Increased international travel C. Tremendous economic growth in the U.S. economy D. An amnesty program legalizing formerly illegal immigrants
In order to determine a household's budget line, you must know the
A) prices of the goods bought and the household's income. B) prices of the goods bought, but not the household's income. C) household's income, but not the prices of goods bought. D) household's income, prices of the goods bought, and the household's preferences.
In game theory, a strategy
A) is useless, because firms are subject to bounded rationality. B) is useful in static games, but not in dynamic games. C) defines the specific actions a firm will make. D) determines the payoff matrix of the game.
The basic difference between a tariff and quota is that:
a. a quota can be imposed both on imports and exports, whereas a tariff can be imposed only on imports. b. a quota yields revenue to the government, whereas a tariff does not yield any revenue. c. a tariff reduces the import of the goods with greater certainty than quota as the amount of import restricted by quota depends on the price elasticity of demand for importable. d. a tariff is a quantitative restriction on imports, whereas a quota is an import duty. e. a tariff raises the price of the product only in the domestic market, whereas with a quota, both domestic and foreign producers receive a higher price.