The wage measured in dollars of the year in question is called real wages
Indicate whether the statement is true or false
false
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The argument that demand for apartments is inelastic in the short run is based on the idea that
A. it is costly to move to a different location. B. it takes time to build new apartments. C. landlords will fix up many new apartments when there are small changes in rent. D. people will change apartments quickly when there are small changes in rent.
An exchange rate arrangement with a free market determined floating exchange rate for capital account transactions and a fixed exchange rate for current account transactions is called
A) capital-current account exchange rate system. B) dual exchange rate system. C) managed exchange rate system. D) crawling peg exchange rate system.
To study a macroeconomy, we calculate aggregate quantities in real terms because
A) we want to get rid of the illusion of price effects. B) we want to concentrate on the production of real goods, as opposed to services. C) it is then easier to take logarithms. D) it is the only way to reconcile the three approaches to measuring GDP.
Which statement is true?
A. The federal government collects much more in direct taxes than in indirect taxes. B. The federal government collects much more in indirect taxes than in direct taxes. C. The federal government collects the same amount in direct taxes as in indirect taxes.