A major theme in economics is:
a. People can increase resources by limiting their economic wants
b. People have limited economic wants and limited resources
c. People have unlimited economic wants, but limited resources
d. Unlimited resources and unlimited economic wants
Ans: c. People have unlimited economic wants, but limited resources
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________ is a flow of earnings per unit of time
A) Income B) Money C) Wealth D) Currency
Which of the following is not a component of investment spending?
A) spending by firms on equipment B) the purchase of 1000 shares of corporate stock C) residential construction D) changes in inventories
Assume there are 75 transactions a year in an economy with a money supply of $300 . If the average value of each transaction is $20, then the velocity of money is
a. 1/2. b. 1 c. .2 d. 20.
Exchange rates in what is termed the "medium run"
a. will be altered by an economic upswing because consumers buy more goods including imports when disposable income goes up. b. will be unaffected by economic changes in personal income or consumption spending. c. will appreciate for a country having an economic boom when others are not. d. All of the above are correct.