During a deflationary period,
A) the price level rises.
B) the nominal interest rate does not change.
C) the nominal interest rate is less than the real interest rate.
D) the real interest rate is less than the nominal interest rate.
C
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In the above figure, the equilibrium level of labor is
A) 100 billion hours. B) 150 billion hours. C) 200 billion hours. D) none of the above
If a firm is practicing third-degree price discrimination and is charging a price of $5 per unit to consumers in Group A and a price of $9 to consumers in Group B, which of the following is true?
A) Group A consumers are less responsive to price changes than Group B consumers. B) Group A consumers have a lower price elasticity than Group B consumers. C) Group B consumers have a greater price elasticity than Group A consumers. D) Group A consumers have a greater price elasticity than Group B consumers.
To maximize profit, a perfectly competitive firm will produce where MR = MC, but a monopoly and a monopolistically competitive firm will produce where price = ATC
Indicate whether the statement is true or false
Which department in a modern university would most likely advertise itself as a promoter of modern growth theory?
a. computer science b. accounting c. economics d. history