In contrast with nominal values, real values refer to nominal values
A) corrected for price changes.
B) minus personal income taxes.
C) minus interest rates.
D) corrected for hours of work.
A) corrected for price changes.
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The marginal product of capital is the increase in
A) capital needed to produce one more unit of output. B) output from a one-unit increase in capital. C) labor needed to accompany a one-unit increase in capital. D) output from a one-dollar increase in capital.
Which of the following would make a player more inclined to continue into later stages of the Centipede Game rather than ending the game immediately? (Choose all that apply.) a. The subgame-perfect equilibrium is to continue as long as possible because the payoffs eventually get much larger. b. An increase in the chance that your rival has difficulty performing a long chain of deductions
c. An increase in the chance that your rival believes you have difficulty solving a long chain of deductions. d. Altruism toward one's rival.
European banks began with which of the following?
a. Monarchs were the first bankers, lending out cash to help the poor learn a craft. b. Churches were the first bankers, lending out cash to help the poor learn a craft. c. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money. d. Fishermen were the first bankers, and the paper receipts they issued for the fish they stored in the hulls of their ships became valued as money.
The percentage rate of change in the price level is called the:
A. chain-weighted price index. B. Consumer Price Index. C. rate of inflation. D. rate of absorption.