The value of money or income in terms of the quantity of goods the money can buy is called its:
A. real value.
B. marginal value.
C. nominal value.
D. implicit value.
Answer: A
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When the Rent-A-Limo Company negotiates its new labor contract it finds that the wages it must pay drivers have increased
How does this wage hike affect the Rent-A-Limo Company's average fixed cost, average variable cost, average total cost, and marginal cost?
An avocado orchard employs five full-time workers. Currently, the average product of labor is 120 pounds of avocados per day. The orchard hires a 6th full-time worker and his marginal product is 150 pounds of avocados
The average product of the six workers will now be A) equal to 120 pounds. B) greater than the marginal product of labor. C) more than 120 pounds. D) less than 120 pounds.
The price elasticity of demand is the
a. percentage change in price divided by the percentage change in quantity demanded b. average change in price divided by the average change in quantity demanded c. percentage change in quantity demanded divided by the percentage change in price d. average change in price divided by the average change in quantity demanded e. percentage change in quantity demanded divided by the average change in price
The interest percent charged by the Fed on loans to depository institutions is knows as the
A. discount rate. B. prime rate. C. federal funds rate. D. commercial paper rate.