The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Alyssa spends all of her money on paperback novels and beignets. In 2013, she earned $18.00 per hour, the price of a paperback novel was $9.00, and the price of a beignet was $2.00. Which of the following give the nominal value of a variable? Check all that apply. Alyssa's wage is $18.00 per hour in 2013. The price of a beignet is $2.00 in 2013. Alyssa's wage is 2 paperback novels per hour in 2013. Which of the following give the real value of a variable? Check all that apply. Alyssa's wage is 9 beignets per hour in 2013. The price of a paperback novel is 4.5 beignets in 2013. Alyssa's wage is $18.00 per hour in 2013. Suppose that the Fed sharply increases the money supply between 2013 and 2018. In 2018, Alyssa's wage has risen to $36.00 per hour. The price of a paperback novel is $18.00 and the price of a beignet is $4.00.

The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Alyssa spends all of her money on paperback novels and beignets. In 2013, she earned $18.00 per hour, the price of a paperback novel was $9.00, and the price of a beignet was $2.00. Which of the following give the nominal value of a variable? Check all that apply. Alyssa's wage is $18.00 per hour in 2013. The price of a beignet is $2.00 in 2013. Alyssa's wage is 2 paperback novels per hour in 2013. Which of the following give the real value of a variable? Check all that apply. Alyssa's wage is 9 beignets per hour in 2013. The price of a paperback novel is 4.5 beignets in 2013. Alyssa's wage is $18.00 per hour in 2013. Suppose that the Fed sharply increases the money supply between 2013 and 2018. In 2018, Alyssa's wage has risen to $36.00 per hour. The price of a paperback novel is $18.00 and the price of a beignet is $4.00.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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