Real income can be determined by:
A. dividing the price level by nominal income.
B. deflating nominal income for inflation.
C. inflating nominal income for inflation.
D. dividing the annual rate of inflation by the number "70."
Answer: B
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Human capital is the
A) machinery used by humans to produce GDP. B) technology used by humans to produce GDP. C) skill and knowledge accumulated by humans. D) plant and equipment produced by humans and not by machines.
One of the major political developments of the past several decades is the growing size and economic/monetary integration of the European Union. What effect do you think this will have on international trade between countries?
What will be an ideal response?
If the measured elasticity of supply coefficient equals 1.3, then supply is: a. perfectly elastic. b. elastic
c. unit elastic. d. inelastic.
Which of the following events could increase the demand for labor?
a. a decrease in output price. b. a decrease in the amount of capital available for workers to use. c. an increase in the marginal productivity of workers. d. All of the above are correct.