When prices for goods and services are quoted in money terms, this is an example of money being used as a store of value
a. True
b. False
Indicate whether the statement is true or false
False
You might also like to view...
Which of the following best describes the substitution effect caused by a price increase?
a. A change in consumption due to the fact that you will not buy goods whose marginal value is below the new price. b. A change in consumption due to the fact that you cannot afford your original market basket. c. A smaller percentage change in quantity than in price. d. A larger percentage change in quantity than in price.
The firm's demand for labor curve is its
A) average product of labor curve. B) marginal product of labor curve. C) marginal revenue product of labor curve. D) average revenue product of labor curve.
The long-run equilibrium level of RGDP only changes when the LRAS shifts
a. True b. False Indicate whether the statement is true or false
To compare GDPs over time, we may want to adjust for the effect of inflation; therefore,
a. real GDP is converted into nominal GDP by subtracting the inflation rate from real GDP b. nominal GDP is converted into real GDP by subtracting the inflation rate from nominal GDP c. nominal GDP is converted into real GDP by dividing nominal GDP by the GDP deflator, then multiplying by 100 d. nominal GDP is divided by the inflation rate, then multiplying by the price index e. the ratio of the consumer price index to the GDP deflator is multiplied by the real GDP