A measure defined at a point in time is called a(n) ________ variable.
A. aggregate
B. nominal
C. flow
D. stock
Answer: D
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Refer to the scenario above. Thomas's arc elasticity of demand for wine is:
A) -0.33. B) -0.67. C) -0.25. D) -1.
The apparent stickiness of the price of goods sold by oligopolists can be explained by the
A. contestable markets model. B. sales maximization model. C. kinked demand curve model. D. entry deterrence model.
Which of the following creates a positive externality?
a. a paper mill polluting a river b. a stock market crash c. a neighbor that beautifies her lawn d. taxes and subsidies e. the greenhouse effect
Which statement is most likely correct about quantity supplied?
a. When economists refer to quantity supplied, they are referring to a certain point on the supply curve or a certain quantity on the supply schedule. b. When economists refer to quantity supplied, they are referring to the relationship between a range of prices and the quantities supplied at those prices. c. Quantity supplied does not change with price. d. Quantity supplied will increase for one good when the quantity of the other good is increased.