Saving is a ________ variable, and wealth is a ________ variable
A) stock; flow
B) stock; stock
C) flow; flow
D) flow; stock
D
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An office supply store sells a ream of printer paper at a fixed price of $4.50. Which of the following is a term used by economists to describe the money received from the sale of an additional ream of paper?
A) pure profit B) gross earnings C) marginal costs D) marginal revenue E) net benefit
When people who buy insurance change their behavior after the purchase because they are protected from loss by the insurance, the insurance market is said to face the problem of
A) economic irrationality. B) asymmetric information. C) adverse selection. D) moral hazard.
If the U.S. dollar increases in value relative to other currencies, how does this affect the aggregate demand curve?
A) This will shift the aggregate demand curve to the right. B) This will move the economy down along a stationary aggregate demand curve. C) This will move the economy up along a stationary aggregate demand curve. D) This will shift the aggregate demand curve to the left.
Because of the problem of scarcity, each economic system must make which of the following choices?
a. How to produce? b. What to produce? c. For whom to produce? d. All of these.