The nominal value of a good is
A. the price of the good in today's dollars, minus an anticipated inflation premium.
B. the price of the good in today's dollars.
C. the good's value expressed in purchasing power terms.
D. the good's anticipated value one year from now.
Answer: B
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The federal government debt ________ when the federal government runs a deficit and ________ when the federal government runs a surplus
A) increases; increases B) decreases; decreases C) increases; decreases D) decreases; increases
What is the free-rider problem?
Which of the following is an example of screening?
a. a man buys an expensive birthday present for his girlfriend b. an insurance company offers a policy with a high deductible c. the seller of a used motorcycle knows more about its true condition than a prospective buyer d. society supports long prison terms for corporate criminals
A strategy that limits defection in a repeated prisoner's dilemma game is:
A. a tit-for-tat strategy. B. an ultimatum bargaining game. C. a Nash equilibrium. D. a cartel.