On a given morning, Franco sold 40 pairs of shoes for a total of $80 at his shoe store
a. The $80 is a real variable. The quantity of shoes is a nominal variable.
b. The $80 is a nominal variable. The quantity of shoes is a real variable.
c. Both the $80 and the quantity of shoes are nominal variables.
d. Both the $80 and the quantity of shoes are real variables.
b
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Total utility is measured by a mythical unit called the:
a. bliss unit. b. useful unit. c. pleasure unit. d. util.
The more inelastic the supply of a particular resource:
a. the higher are its transfer earnings. b. the higher is its economic rent. c. the higher are its total earnings. d. the higher is the elasticity of demand for the resource. e. the lower is the elasticity of demand for the resource.
If resources and goods are free to move across states and if Oregon producers choose to specialize in producing honey while California producers choose to specialize in growing almonds, then we could reasonable conclude that:
a. California has a comparative advantage in producing almonds b. Oregon has a comparative advantage in producing honey. c. the opportunity cost of growing almonds is lower in California than in Oregon. d. all of the above are true.
Which of the following would be most likely to cause an appreciation of the dollar relative to foreign currencies?
a. higher domestic interest rates b. a reduction in the rate of inflation abroad c. a shift to a more expansionary monetary policy d. rapid growth of income in the United States