The difference between nominal and real is
A) nominal is measured in current dollars and real is measured in dollars of a given year.
B) real is measured in current dollars and nominal is measured in dollars of a given year.
C) nominal is a number stated in dollars and real is stated with an index number.
D) real is a number stated in dollars and nominal is stated with an index number.
E) both nominal and real are measured with index numbers, only the nominal index is greater than 100 and the real index is less than 100.
A
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The ability of employers to increase their net revenue by paying low wages is limited primarily by
A) federal and state legislation. B) the fact that net revenue is maximized when marginal revenue equals marginal cost. C) the other opportunities available to employees. D) the right of labor unions to strike.
Which tax system requires all taxpayers to pay the same percentage of their income in taxes?
a. a regressive tax b. a proportional tax c. a progressive tax d. a horizontal equity tax
Why might a lottery winner decide to take a large lump sum payment rather than receive installments of their winnings over time? How does the concept of present value influence this decision?
What will be an ideal response?
The chair of the Department of Economics at Colorado State University decided that office space is for tenured faculty and that graduate students are required to share cubicles. What method is used to allocate office space?
A) lottery B) majority rule C) command D) first-come, first-served E) sharing equally