Which of the following statements is TRUE?
A) Both wealth and income measure variables over a period of time.
B) Wealth measures a variable at a point in time and income measures a variable over a period of time.
C) Wealth measures a variable over a period of time, and income measures a variable at a point in time.
D) Both wealth and income measure variables at a point in time.
B
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What happens to long-run aggregate supply when there is an increase in the money supply?
a) It increases. b) It decreases. c) It stays the same. d) It fluctuates based on the changes in price levels.
(Requires Calculus) In the multiple regression model you estimate the effect on Yi of a unit change in one of the Xi while holding all other regressors constant. This
A) makes little sense, because in the real world all other variables change. B) corresponds to the economic principle of mutatis mutandis. C) leaves the formula for the coefficient in the single explanatory variable case unaffected. D) corresponds to taking a partial derivative in mathematics.