When analyzing how money affects income, we are analyzing the way in which a
A. stock affects another stock.
B. stock affects a flow.
C. flow affects another flow.
D. flow affects a stock.
Answer: B
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Refer to the figure above. What is the loss in the market-wide consumer surplus when the price of wine changes from $9 to $18?
A) $144,000 B) $30,000 C) $57,000 D) $0
A simple economic model predicts that a fall in the price of bus tickets means that more people will take the bus. However, you observe that some people still do not take the bus even after the price of a ticket fell
a. Is the model incorrect? b. How would you test this model?
The U.S. economy of the late 1920s and early 1930s is typically referred to as ________
A) "The Great Depression" B) "The Great Inflation" C) "The Great Moderation" D) all of the above E) none of the above
According to the principle of comparative advantage, total output and consumption levels will be highest when goods are produced in nations according to which of the following conditions?
A. Opportunity costs are lowest. B. Absolute advantages are highest. C. Opportunity costs are equal. D. Absolute advantages are lowest.