An example of a flow variable in economics is:
a. the total amount of bank loan taken by Emily
b. the value of an apartment owned by Jerome.
c. the price of an antique painting used to decorate an office.
d. the earnings of Malaya from piano classes each month.
e. the total value of the U.S. treasury bonds held by China.
d
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How do participants in an auction respond to the problem of the "winner's curse"?
a. They bid more aggressively to win the auction and avoid the "curse". b. They exit the auction because winning can only be a bad sign of the object's worth. c. All bid less aggressively, so that the winner ends up not regretting having won. d. The winner regrets having won the auction.
The long-run Phillips curve would shift to the left if
a. the money supply growth rate increased or if effective job-training programs were implemented. b. the money supply growth rate increased, but not if effective job-training programs were implemented. c. effective job-training programs were implemented, but not if the money supply growth rate increased. d. None of the above is correct.
Which of the following statements correctly identifies the difference between an autoregressive model and a vector autoregressive model?
A. In an autoregressive model, the dependent variable is expressed as a function of its own lag, whereas in a vector autoregressive model, the dependent variable is expressed as a function of the lag of an explanatory variable. B. In an autoregressive model, the dependent variable is expressed as a function of the lag of an explanatory variable, whereas in a vector autoregressive model, the dependent variable is expressed as a function of its own lag. C. In an autoregressive model several series are modeled in terms of their own past, whereas in a vector autoregressive model only one series is modeled in terms of its own past. D. In an autoregressive model one series is modeled in terms of its own past, whereas in a vector autoregressive model several series are modeled in terms of their past.
The monopsonistic exploitation of labor refers to
A. the union wage differential. B. the reduction in total output from monopoly in the product market. C. workers being paid a wage less than their marginal revenue product. D. the reduction in employment resulting from union wage setting.