Wealth
A. is a flow and not a stock.
B. is the same as income.
C. does not include tangible objects.
D. includes assets such as houses, stocks, and bonds.
Answer: D
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Which of the following describes monopolistic competition?
A) homogeneous products B) P = MR = MC C) Advertising plays a key role. D) There is only one seller in the industry.
Refer to the figure below. Suppose the solid line shows the current demand for coffee. In response to news that next year's coffee harvest will be extremely good due to favorable weather conditions, you should expect:
A. neither a change in quantity demanded nor a shift in demand because it will be a long time before next year's coffee crop is harvested. B. the quantity of coffee demanded to decrease, but no shift in the demand curve. C. the demand curve to shift to D(B) in anticipation of lower future prices. D. the demand curve to shift to D(A) in anticipation of lower future prices.
A problem with the operation of the gold standard in the world economy was that
A) it involved too much government intervention in the economy. B) the world economy was subject to too much inflation. C) a country did not have control of its domestic monetary policy. D) it caused the Great Depression.
A parallel or black market often arises as a result of which of the following?
A. High domestic interest rates B. Exchange controls C. Floating exchange rate regime D. Official intervention