An example of a stock variable in economic theory will be:
a. the amount of money saved by an individual each week
b. the amount of money spent on buying gasoline each month.
c. the weekly grocery bill of an average household.
d. the total value of the government bond held by an individual.
e. the total fiscal spending during a particular quarter.
d
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Explain the difference between the CPI and GDP deflator measures of inflation. Which one is likely to measure inflation higher? Why?
What will be an ideal response?
Trading partners should specialize in producing goods in accordance with comparative advantage, then trade and diversify in consumption because
a. out-of-pocket costs of production decline b. free trade areas protect infant industries c. economies of scale are present d. manufacturers face diminishing returns e. more goods are available for consumption
It is possible to completely eliminate scarcity
a. True b. False Indicate whether the statement is true or false
Which of the following are scarce?
a. time for recreation b. clean air c. information d. all of the above