The real value of money:
A. is another word for the face value.
B. reflects the purchasing power of money.
C. matters less to people than its nominal value.
D. is the same as its nominal value.
Answer: B
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Refer to Table 4-7. If a minimum wage of $11.50 an hour is mandated, what is the quantity of labor demanded?
A) 40,000 B) 570,000 C) 610,000 D) 1,180,000
Refer to Table 2-13. What is Tammi's opportunity cost of grooming a dog?
A) two bathed cats B) half a bathed cat C) one and a half bathed cats D) two-thirds of a bathed cat
The marginal cost of Alexa’s Guide to Street People and Their Pets is constant at $5. Alexa sells 5,000 copies per year at $20 per copy. She would like to increase readership and hold total profit constant. If the price goes to $15, how many copies must she sell?
A. 10,000 B. 9,000 C. 7,500 D. 6,000
A monopsonist will hire more workers than will be hired in a competitive labor market
a. True b. False Indicate whether the statement is true or false