Your real income is
A. The purchasing power of the money you receive.
B. The amount of money you receive during a given time period.
C. Measured in current dollars.
D. The same as your nominal income in times of high inflation.
Answer: A
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The lemons problem is a situation of
A) perfect competition. B) asymmetric information. C) creative response. D) a natural monopoly.
Price discrimination occurs when a firm sells
A) a given product at different prices at different points in time. B) a given product at different prices to different ethnic groups. C) a given product at different prices unrelated to differences in cost. D) a given product at different prices when it is produced in different colors.
Why does the United States have more banks than most other highly industrialized countries?
What will be an ideal response?
If Steve's Apple Orchard, Inc. is a perfectly competitive firm, the demand for Steve's apples has
a. horizontal b. downward sloping c. vertical d. upward sloping