If the average level of nominal income in a nation is $44,000 and the Consumer Price Index is 175, the average real income would be about
A. $77,000.
B. $25,143.
C. $18,857.
D. $44,000.
Answer: B
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Arrow's impossibility theorem is not relevant to modern analysis of political economy.
A. True B. False C. Uncertain
The federal budget deficit in 2009 was more than eight times larger than the deficit in 2007.
Answer the following statement true (T) or false (F)
Firm X is producing 1000 units, selling them at $15 each. Variable costs are $3 per unit and the firm is making an accounting profit of $3000. What is the firm’s total variable costs?
a. $1000
b. $3000
c. $5,000
d. $7,000
The textbook suggests that rent controls
A) actually contribute to the housing boom in an area where they are applied. B) actually contribute to the housing shortage in the area where they are applied. C) are used in a government kickback scheme. D) have no effect on the local housing market.