The long run in macroeconomics is a period in which nominal wages:
A. change as the price level stays constant.
B. do not respond as the price level changes.
C. do not respond as the price level stays constant.
D. change as the price level changes.
Answer: D
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If demand is inelastic
A) then a 1% increase in price leads to a fall in quantity of greater than 1%. B) then a 1% increase in price leads to a fall in quantity of less than 1%. C) then a 1% increase in price leads to a fall in quantity of 1%. D) then a 1% increase in price leads to a rise in quantity of less than 1%.
Bitcoin is a:
a. Virtual currency that keeps track of owners and users by means of a clearing house called Mt. Gox. b. Virtual currency that publishes all Bitcoin-related domestic transactions online but keeps its international transactions confidential. c. Is a virtual currency that publishes online the details of all its customers' transactions but manages to keep customer anonymity by not publishing facts pertaining to their addresses? d. Physicalcurrency that has grown in popularity because it does not need to be cleared, thereby making these transactions anonymous.
The concentration and Herfindahl indices computed by the U.S. Bureau of Census must be interpreted with caution because:
A. Both they overstate the actual level of concentration in markets served by foreign firms and they understate the degree of concentration in local markets, such the gasoline market are correct. B. they understate the degree of concentration in local markets, such the gasoline market. C. they overstate the actual level of concentration in markets served by foreign firms. D. None of the statements are correct.
Wealth differs from income in that
A) income measures value at a point in time and wealth measures value over a period of time. B) income measures value over a period of time and wealth measures value at a point in time. C) income is what you own and wealth is what you earn. D) wealth can be measured in dollars and income cannot.