Which one of the following statements is FALSE?
A. The relative price of a good is its price measured relative to the price of other goods.
B. When the price of beer goes up by the same proportion as the prices of all other goods, the relative price of beer does not change.
C. The nominal price of a good is its price measured in current dollars.
D. Generally, what matters most to consumers is what a good costs in dollars.
Answer: D
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Which type of businesses earns the majority of revenues in the United States?
A) partnerships B) corporations C) sole proprietorships D) none of these
Explain why it may be advantageous to have technological change explained by, rather than outside of, a growth model
What will be an ideal response?
Tariffs benefit the consumers of the import-competing goods
Indicate whether the statement is true or false
Identify the main reason to expect convergence in the long run
a. Low-productivity countries learning from high-productivity countries b. Rapid growth in the supply of capital in low-productivity countries c. Educational attainment rising quickly in low-productivity countries d. Economic complacency and mismanagement in high-productivity countries