Money supply is to income as
a. real is to ideal.
b. stock is to flow.
c. real is to nominal.
d. flow is to stock.
b
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Suppose workers receive a 5 percent increase in wages and prices are rising by 5 percent. Workers will experience
A) an increase in nominal wages and a decrease in real wages. B) an increase in nominal wages and an increase in real wages. C) an increase in nominal wages but real wages are unchanged. D) a decrease in nominal wages and a decrease in real wages.
The clothing industry has many firms with differentiated products and no barriers to entry. The cereal industry has a few firms with either identical or differentiated products and moderate barriers to entry
The food industry is characterized as ________ and the cereal industry is characterized as ________. A) perfect competition; monopolistic competition B) monopolistic competition; oligopoly C) oligopoly; monopolistic competition D) perfect competition; perfect competition E) monopolistic competition; monopoly
Unanticipated inflation generally hurts borrowers and benefits lenders
a. True b. False Indicate whether the statement is true or false
Which of the following statements describes a difference between the short run and the long run?
A) The law of diminishing returns is an issue in the long run but not in the short run. B) All resources are fixed in the short run, and all resources are variable in the long run. C) Some resources are fixed in the short run, and all resources are variable in the long run. D) Variable costs are more important for decision making in the short run than in the long run.