Wealth differs from income in that
A) income measures value at a point in time and wealth measures value over a period of time.
B) income measures value over a period of time and wealth measures value at a point in time.
C) income is what you own and wealth is what you earn.
D) wealth can be measured in dollars and income cannot.
B
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As the real wage rate rises, the opportunity cost of
A) working rises. B) saving rises. C) leisure rises. D) buying goods and services rises. E) leisure falls.
A black market
A) is legal only when it is associated with government price ceilings. B) is defined as the deadweight loss associated with taxes. C) benefits no one. D) is a potential outcome of a price ceiling. E) is always legal.
Most economists believe that the classical model is the appropriate model for analysis of the economy in the
a. long run, because evidence indicates that money is not neutral in the long run. b. long run, because real and nominal variables are essentially determined separately in the long run. c. short run, because money is neutral in the short run. d. short run, because real and nominal variables are not highly intertwined in the short run.
The exchange rate is the
A. Amount of currency that can be purchased with one ounce of gold. B. Balance-of-trade ratio of one country to another. C. Opportunity cost at which goods are produced domestically. D. Price of one country's currency expressed in terms of another country's currency.