The number of people that are laid off in a month is
A. a stock.
B. a flow.
C. both a stock and a flow.
D. neither a stock nor a flow.
Answer: B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Mike lives and works as a musician in the U.S. However, he sometimes plays in concerts in foreign countries. The money he earns from these concerts are treated as ________ in the U.S. current account
A) imports B) exports C) factor payments from foreigners D) transfer receipts
Suppose that when the price of milk rises 10%, the quantity demanded of milk falls 2%. Based on this information, what is the approximate absolute price elasticity of demand for milk?
A) 5.0 B) 0.2 C) 0.5 D) 2.0
Arrow's impossibility theorem proves that a. no voting system can satisfy several preferable properties at the same time
b. politicians will never be able to satisfy the median voter. c. politicians will never be able to act fully in the best interests of the public good. d. no voting system will ever depend on the median voter.