Nominal values are measured in
a. constant prices.
b. dollars.
c. actual prices.
d. highest prices.
c. actual prices.
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Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. At the mixed-strategy equilibrium in this zero-sum game,
A) each player's expected payoff equals zero. B) one player earns all possible points and the other player earns zero points. C) one player's payoff is positive and the other player's payoff is negative. D) There is never an equilibrium in a zero-sum game.
The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searching for work, another 100 people would like to have jobs but quit searching because of poor job prospects, and another 100 people don't work and don't
want to work. What's the rate of unemployment? A) 10 percent B) 20 percent C) 30 percent D) 100 percent E) None of the above.
Which school of thought believes that real GDP always equals potential GDP?
A) only classical B) only Keynesian C) Monetarist D) both Keynesian and classical
The nominal interest rate is 7%, today's price level is 150, and you expect the price level to be 156 one year from now. What is the expected inflation rate? What is the expected real interest rate?
What will be an ideal response?