We translate nominal income in any past year into constant, real dollars to:
A. allow us to compare changes in purchasing power over time.
B. see what an income we were earning in the past would be equivalent to today.
C. understand what a salary in the past would equal in current dollars to determine how much more we have actually gained in purchasing power.
D. All of these statements are true.
D. All of these statements are true.
You might also like to view...
A decrease in investment causes the price level to ________ in the short run and ________ in the long run
A) decrease; decrease further B) increase; decrease C) increase; increase further D) decrease; increase
Consider the accompanying figure representing the labor market below.
In the absence of any government intervention, the equilibrium wage is ________ per hour, and the equilibrium employment level is ________ workers per hour.
A. $4; 200 B. $12; 200 C. $8; 400 D. $12; 600
What are the three sources of economic scale
What will be an ideal response?
BathGroom0675134183222251270
Kaitlyn and Larissa have formed a dog bathing and grooming business. The number of dogs they can bathe or groom in any given day is depicted in Table 2.1. As they groom more dogs, the opportunity cost of grooming additional dogs:
A. falls. B. rises. C. remains constant. D. depends on the prices being charged.