nominal income
What will be an ideal response?
is the money you receive in a particular time period measured in current dollars
You might also like to view...
Jeremiah spends all of his income on oranges and cookies, which are normal goods. If Jeremiah's income decreases, he will buy ________ oranges and ________ cookies
His marginal utility from oranges will ________ and his marginal utility from cookies will ________. A) fewer; fewer; decrease; increase B) more; more; decrease; decrease C) the same quantity of; fewer; remain constant; decrease D) fewer; fewer; increase; increase
In the generalized dividend model, a future sales price far in the future does not affect the current stock price because
A) the present value cannot be computed. B) the present value is almost zero. C) the sales price does not affect the current price. D) the stock may never be sold.
Bancroft Pharmaceuticals has a patent on a new medication used to treat high blood pressure, so it is the monopoly seller of this new drug product
The marginal cost of producing one dose of the drug is $10, and the elasticity of demand for the product is -3. What is the profit maximizing monopoly price for this patented drug product? A) $10 B) $12.50 C) $15 D) $30
A year-long drought that destroys most wheat crops for the season would shift the:
A. short-run aggregate supply curve only. B. aggregate demand curve only. C. aggregate demand curve, and the short-run aggregate supply curve would shift in response. D. short-run aggregate supply curve and the long-run aggregate supply curve.