The difference between money and income is that
A) money is a flow and income is a stock.
B) money is a stock and income is a flow.
C) there is no difference—money and income are both stocks.
D) there is no difference—money and income are both flows.
B
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Many art galleries keep 60% of the sale price of a painting. However, art galleries do not typically pay the artist while the painting hangs on the wall. This form of contingency contract may be efficient if
A) the artist is less risk averse than the gallery. B) the gallery is less risk averse than the artist. C) the artist is unable to diversify across galleries or paintings. D) the gallery is unable to diversify across artists of paintings.
Which of the following was not used to subsidize railroad companies and their building of railroads?
a. Loans from the U.S. government b. Reduced corporate income taxes c. Land grants d. Direct payments based on the number of miles of tracks laid