The amount of money actually received in a particular period is called:
A. nominal income.
B. real income.
C. a cost-of-living index.
D. consumer surplus.
A. nominal income.
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When one is considering costs of taking a trip in their car, the average cost per mile includes some items of cost that are not included in the marginal cost of a mile driven. This statement is
A. absurd because marginal costs do not apply to mileage costs. B. always false. C. always true. D. sometimes true and sometimes false depending on the circumstances.
Which of the following is the best example of capital?
A. a family buying a newly produced home B. a shoe store adding to its inventories C. a ship used to carry oil across the ocean D. the production and sale of a new delivery van for UPS
Which of the following is true about a monopoly?
A. A monopoly charges a higher price and produces a lower output level than if the market were competitive. B. A monopoly is guaranteed an economic profit. C. A monopoly charges the highest possible price. D. A monopoly will shut down whenever losses are incurred.
Clarissa notices that her satellite TV signal becomes scrambled whenever there is a major thunderstorm in her area. She concludes that the scrambled satellite signal must be causing the severe thunderstorms. Clarissa is
A. likely correct that there is causation, but the causation is more likely running in the opposite direction in that the severe thunderstorms are the cause of the scrambled satellite signal. B. probably misguided in that there is no apparent correlation or causation in this situation. C. very probably correct in her conclusion that the scrambled satellite is the cause of the thunderstorms. D. definitely confusing correlation with causation.