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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Refer to Table 18-4. The table above outlines the rankings of three members of the U.S. House of Representatives on three spending alternatives
Assume that Congress can spend additional revenue on only one of the three spending alternatives and that Tom, Dick, and Harriet, all members of the House of Representatives, participate in a series of votes in which they are to determine which of the spending alternatives should receive funding. Three votes will be taken: (1 ) Foreign Aid and Post-Secondary Education (2 ) Foreign Aid and Roads and Bridges and (3 ) Post-Secondary Education and Roads and Bridges. Determine whether the voting paradox will occur as a result of these votes.
When a market is in equilibrium,
a. quantity demanded equals quantity supplied b. quantity demanded exceeds quantity supplied c. the demand curve is identical to the supply curve d. the economy must be at a point along the production possibilities frontier e. the law of demand is equivalent to the law of supply