Which of the following is a flow concept?
A. Wealth
B. Gallons of water in a pool
C. Body weight
D. Expenditures
Answer: D
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If the opportunity cost of time is $20 per hour, and an individual spends 20 hours in commuting every month, his opportunity cost of commute is:
A) $20 per month. B) $400 per month. C) $200 per month. D) $1 per month.
The transactions demand for holding money is when people hold money:
a. instead of near money. b. to transact purchases they expect to make. c. as insurance against unexpected expenses. d. to speculate in the stock market. e. to take advantage of changes in interest rates.
Beginning from full-employment macro equilibrium, increase in government spending will cause real GDP to: a. increase in the short run. b. decline in the long run
c. decline in the short run. d. increase in the long run.
The combination of legal and illegal immigrants in the United States creates a Ushaped pattern between the number of immigrants and:
a. wages of competing b. American workers. their wages. c. their educational level. d. their jobs.