the price of one good in comparison with the price of other goods
What will be an ideal response?
relative price
You might also like to view...
In a closed economy, equilibrium real Gross Domestic Product (GDP) occurs where
A) the C + I + G line crosses the 45-degree line. B) saving exceeds planned investment. C) planned expenditures exceed national income. D) all of these.
A contractionary monetary policy is likely to lead to ________
A) lower real interest rates B) lower real wages C) a lower demand for labor D) a lower supply of labor
According to behavioral economics, if people taking an exam were asked to guess the score they would receive, it would be most likely that
a. significantly more people would score below what they guessed than above what they guessed. b. significantly more people would score above what they guessed than below what they guessed. c. about the same number of people would score more than they guessed as scored less than they guessed. d. people's scores would be pretty close to what they guessed.
According to Keynesian theory, a recessionary gap can be closed using expansionary fiscal policy
Indicate whether the statement is true or false