One way to differentiate products that are similar to each other is to offer _______________, such as free shipping or a rebate.
a. ephemeral benefits
b. unquantifiable aspects
c. transient benefits
d. intangible aspects
d. intangible aspects
Intangible aspects can differentiate a product. Some intangible aspects may be promises like a guarantee of satisfaction or money back, a reputation for high quality, services like free delivery, or offering a loan to purchase the product.
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If nominal money supply grows 3% and real money demand grows 8%, the inflation rate is
A) -5%. B) 8/3%. C) 5%. D) 11%.
The business cycle is the same thing as economic growth.
a. true b. false
Which of the following would be a consequence of substitution bias in the CPI?
A) Social Security payments would not adequately compensate retired workers for inflation. B) Businesses would overcompensate employees for inflation when giving cost of living raises. C) The inflation rate based on the CPI would underestimate the true level of inflation. D) Judges would award child support payments that would not adequately keep up with the true cost of inflation.
The downward-stickiness of wages serves like a _____ in the labor market.
A. Price floor B. Price ceiling C. Demand determinant D. Supply determinant