The return on wealth (both human and nonhuman) is
A) a stock variable.
B) income.
C) measured in the form of bonds.
D) a stock or flow variable depending upon whether the wealth is in the form of bonds or other financial assets.
B
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Growers expect that the price of a bushel of wheat will increase in one month. This belief results in
A) an increase in current supply of wheat. B) a decrease in current supply of wheat. C) a decrease in future supply of wheat. D) no change in current or future supply of wheat.
If there are no external costs or benefits, no price or quantity regulations, no taxes or subsidies, and the good is not a public good or a common resource, then efficiency is
A) achieved when a monopoly produces the good. B) achieved when the good is produced in a competitive market. C) achieved when the amount of output exceeds the amount produced in a competitive market. D) unrelated to the amount produced in a competitive market.