Income that is received as wages and is not adjusted for inflation is called
What will be an ideal response?
Nominal Income
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When the central bank sells $1,000,000 worth of government bonds to the public, the money supply:
A. increases by $1,000,000. B. decreases by $1,000,000. C. decreases by more than $1,000,000. D. decreases by less than $1,000,000.
An extra hour of market work is an attractive use of your time
a. because of the utility generated by goods made possible through the extra work b. solely because of the personal satisfaction it generates c. when the disutility of income generated by the extra work exceeds the utility d. when the net utility of the extra goods made possible and the extra work is greater than zero e. only when you do not enjoy leisure time
Which of the following is not an example of price discrimination by a firm?
a. children's meals at a restaurant b. a natural gas company charging customers a higher rate in the winter than in the summer c. a senior citizens' discount d. coupons in the Sunday newspaper
Figure 7-6
In the price range between $3 and $4, the price elasticity of the demand curve depicted in is
a.
highly elastic.
b.
approximately equal to -0.33.
c.
approximately equal to -3.
d.
of unitary elasticity.