The price of a first-class stamp in 1957 was 3 cents, and it is 47 cents in 2016. From this we know that
A. the money price of first-class stamps increased from 1957 to 2016, but we can't tell if the relative price of first-class stamps increased or decreased without more information.
B. the money price of first-class stamps increased from 1957 to 2016 but the absolute price of first-class stamps stayed constant.
C. both the relative and the absolute price of first-class stamps increased from 1957 to 2016.
D. the money price of first-class stamps increased from 1957 to 2016 and the relative price of first-class stamps decreased.
Answer: A
You might also like to view...
In a certain economy, the components of aggregate spending are given by:C = 60 + 0.6(Y - T) - 1,000rI = 200 - 1,000rG = 200NX = 50T = 100Given the information about the economy above, what is the short-run equilibrium output if the real interest rate is 6 percent?
A. 825 B. 450 C. 925 D. 330
Membership in unions in the United States
a. is slightly over 90 percent of all workers b. has declined steadily since 1980 c. was hindered by laws such as the Wagner Act d. can be a grounds for an employer to fire an employee e. reached an all-time high in 1998
Italy should specialize in the production of
A. neither good and import both goods. B. cars and import boats. C. both goods and import neither good. D. boats and import cars.
Which of following is true of monopoly and not of perfect competition?
a. Profit is maximized where marginal cost equals marginal revenue b. The industry demand curve is also the firm's demand curve c. Normal profits are made only if average total cost equals average revenue d. Profit is maximized in the elastic portion of the demand curve e. the firm has no control over the market price