When shopping you notice that a pair of jeans costs $20 and that a tee-shirt costs $10 . You compute the price of jeans relative to tee-shirts
a. The dollar price of jeans and the relative price of jeans are both nominal variables.
b. The dollar price of jeans and the relative price of jeans are both real variables.
c. The dollar price of jeans is a nominal variable; the relative price of jeans is a real variable.
d. The dollar price of jeans is a real variable; the relative price of jeans is a nominal variable.
c
You might also like to view...
How is total revenue calculated? If a firm sells 350 units of a product at a price of $8 each, what is the firm's total revenue?
What will be an ideal response?
A capital ________ can promote financial instability in an emerging-market country because it can lead to a lending boom and excessive risk-taking on the part of banks, which helps trigger a ________
A) inflow; financial crisis B) inflow; currency devaluation C) outflow; financial crisis D) outflow; currency devaluation
By requiring minimum reporting, disclosure, vesting, funding, and investment standards, the __________ helps safeguard employee pension rights
A) Employee Retirement Income Security Act B) Federal Deposit Insurance Corporation C) Social Security Act D) Federal Reserve
When using regression analysis for forecasting, the confidence interval indicates
A) the degree of confidence that one has in the equation's R2. B) the range in which the value of the dependent variable is expected to lie with a given degree of probability. C) the degree of confidence that one has in the regression coefficients. D) the range in which the actual outcome of a forecast is going to lie.