Measuring expenditures and income with the price level held constant, so that any changes in these values represent changes in the actual amount of goods, services, and income is denoted in ________ terms
A) nominal
B) real
C) constant dollar
D) all of the above
B
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An increase in the dollar price of the British pound will ________.
A. cause Britain's terms of trade with the United States to deteriorate B. leave the pound price of dollars unchanged C. decrease the pound price of dollars D. increase the pound price of dollars
In the figure above, firms
A) pay taxes directly to governments. B) sell goods and services to governments in goods markets. C) receive transfers from governments through factor markets. D) own factors of production. E) do all of the above.
Increases in the quantity of money can start a ________ inflation, and an increase in government expenditure can start a ________ inflation
A) demand-pull; demand-pull B) demand-pull; cost-push C) cost-push; cost-push D) cost-push; demand-pull E) None of the above is correct because increases in the quantity of money are necessary to continue an inflation but cannot start an inflation.
Incremental cost is the same concept as ________ cost
A) average B) marginal C) fixed D) variable