Larry spends all his $800 monthly income on pizza and milk. The price of pizza is $4 a slice, and the price of milk is $2 per quart. The relative price of milk is
A) 2 slices of pizza per quart.
B) 0.5 slices of pizza per quart.
C) $2 per quart.
D) 0.5 quarts per slice of pizza.
B
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What can economists conclude if they observe an increase in real GDP?
A) The price level must have fallen. B) The real output of final goods and services must have risen. C) National welfare must have risen. D) Nominal GDP must have risen. E) All of the above.
In April 2014, the money price of a carton of milk was $2.01 and the money price of gallon of gasoline was $3.63 . Calculate the relative price of a gallon of gasoline in terms of milk
What will be an ideal response?
Suppose each of the following rows represents the choice faced by policy makers given the current set of U.S. institutions and technology. What is the opportunity cost of reducing unemployment from 8 percent to 4 percent?UnemploymentInflation103846557410
A. 4 percentage points of unemployment B. 4 percentage points of inflation C. 6 percentage points of inflation D. 6 percentage points of unemployment
All of the following are choices for the polluter when faced with additional costs to abate the externality EXCEPT
A) ignore the government regulations.
B) install pollution abatement equipment.
C) reduce the pollution-causing activity.
D) pay the price to pollute.