You put money in the bank. The increase in the dollar value of your savings
a. and the change in the number of goods you can buy with your savings are both nominal variables.
b. and the change in the number of goods you can buy with your savings are both real variables.
c. is a nominal variable, but the change in the number of goods you can buy with your savings is a real variable.
d. is a real variable, but the change in the number of goods you buy with your savings is a nominal variable.
c
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It is highly unlikely that environmental standards are set at an efficient abatement level because of
a. legislative constraints b. the absence of full information about the MSB and MSC of abatement c. differences in MSB and MSC levels at the regional level d. all of the above
Jon spends all of his income on energy drinks (E) regardless of the price and his income. Derive Jon's demand equation for energy drinks, E*(p,Y)
What will be an ideal response?
A second-price auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
When demand is elastic, an increase in price causes the seller's total revenue to:
A. decrease. B. increase. C. fall to zero. D. remain the same.