Which of the following formulas is correct? Percentage change in:
A. price level approximates percentage change in real income minus percentage change in
nominal income.
B. real income approximates percentage change in nominal income minus percentage
change in price level.
C. nominal income approximates percentage change in price level minus percentage change
in real income.
D. real income approximates percentage change in price level minus percentage change in
nominal income.
B. real income approximates percentage change in nominal income minus percentage
change in price level.
You might also like to view...
Which of the following is not considered a factor of production?
A) money B) capital C) land D) entrepreneurial ideas E) labor
Consider a tragic and heart-wrenching case in which a cancer patient is told he needs chemotherapy in order to live three more years at best, but the patient's final three years will be filled with all the terrible side-effects of the treatment
Without it, he will surely die within a year, but his quality of life would be a better. Suppose he chooses to quit chemotherapy. The economic way of thinking would therefore conclude A) the patient made the wrong choice. B) the doctors were absolutely right—the patient needs chemotherapy. C) it is better to live longer than it is to die sooner. D) all of the above are true. E) none of the above is true.
"An increase in the price of gasoline will increase the demand for hybrid vehicles." This statement is an example of a positive economic statement
Indicate whether the statement is true or false
Which of the following is FALSE about the Highly Indebted Poor Countries initiative?
A) Most of the countries included are in sub-Saharan Africa. B) Countries qualify for debt relief partly based on their level of poverty. C) Countries do not have to have established a past track record of economic reform in order to qualify as long as they make future commitments. D) External debt levels must be high relative to exports in order to qualify.