The face value of money or income is called its ________ value
A) external B) real C) marginal D) nominal
D
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Which of the following increases the demand for a normal good?
A) a decrease in income B) an decrease in the price of a substitute C) an increase in the price of a complement D) the price of the good is expected to increase in the future
If MRS's are equal across all consumers, then the efficient product mix has been achieved
Indicate whether the statement is true or false
During periods when the inflation rate fluctuates widely, _____
a. the nominal interest rate and the real interest rate are identical b. all money prices rise at the same rate, causing relative prices to increase c. suppliers link the selling prices of their goods to the overall inflation rate d. uncertainty about changes in relative prices causes a decrease in economic efficiency e. all money prices increase at the same rate, leaving relative prices constant
In 2007, combined spending on public assistance by all three levels of government was approximately
a. $10 billion b. $265 billion c. $500 billion d. $1 trillion e. $10 trillion