When economists discuss the nominal value of an economic variable, the variable is
A. expressed as an index figure.
B. expressed as a percentage.
C. expressed in current dollars.
D. adjusted for a changing price level.
Answer: C
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Which of the following would be consistent with the notion of a competitive market process, but would be inconsistent with the notion of perfect competition?
A) Cost-plus-markup pricing B) Freedom of entry C) Price taking behavior D) Large numbers of buyers and sellers E) All of the above.
If the poorest 80 percent of the population receives 75 percent of the income, then the
a. richest quintile receives 20 percent of the income b. Lorenz curve lies on the diagonal c. richest quintile receives 25 percent of the income d. poorest quintile receives 25 percent of income e. poorest quintile receives 75 percent of the income
About one out of every ________ white children under the age of 18 is poor.
Fill in the blank(s) with the appropriate word(s).
Figure 5-15
Hal initially consumes the combination marked as A in Figure 5-15. After his income increases, Hal consumes combination B. We can conclude that Hal views
a.
X as an inferior good and Y as a noninferior good.
b.
X as a noninferior good and Y as an inferior good.
c.
both X and Y as noninferior goods.
d.
both X and Y as inferior goods.