Money values indexed to a given period are known as
A. nominal.
B. real.
C. inverse.
D. random.
B. real.
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Answer the next question based on the following payoff matrix for two oligopolistic firms in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy. Firm X? High PriceLow PriceFirm YHigh priceA = $625A = $725??B = $625B = $475?Low priceA = $475A = $400??B = $725B = $400If both firms collude to maximize joint profits, the total profits for the two firms will be
A. $1,200,000. B. $1,500,000. C. $1,400,000. D. $1,250,000.
How did laborers benefit from World War I (1914–18)?
(a) Their nominal take-home pay rose more than prices increased. (b) They were placed in military jobs that paid wages higher than private sector jobs. (c) High-paying jobs in the private sector were created to support the war effort. (d) Real GNP and national income fell during and shortly after the war.
During World War II, a nation's opportunity cost of devoting resources to the war effort was ______________.
Fill in the blank(s) with the appropriate word(s).
The demand curve is downward sloping because
A) the price must rise to induce firms to increase quantity supplied. B) a reduction in the price of a good causes individuals to increase their purchase of that good. C) an increase in the price will cause a leftward shift in the demand curve. D) all of the above.