What is a household's real income?
What will be an ideal response?
A household's real income is the household's income expressed as a quantity of goods the household can afford to buy. Measured using a budget line, the household's real income is the maximum quantity of the specific goods or services plotted on the budget line.
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
________ are inducements to act in certain ways
Fill in the blank(s) with correct word
GDP equals hours of work times
a. labor force. b. output per hour. c. population. d. capital stock.
The value added for a nation equals
A. all goods and services less the intermediate goods used in production.
B. the market value of all products and services less the market value of all intermediate goods.
C. input costs plus the value of intermediate goods.
D. the market value of intermediate goods less the value of all goods and services.