Nominal And Real Values
10 Questions
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Questions and Answers
- 1.The ______value of a good is its value in terms of money
- 2.The ________ value of a good is its value in terms of other goods
- 3.Inflation can affect the real/nominal price
- A.
True
- B.
False
- 4.The "real" price may also be called the ________ price
- A.
Street
- B.
Relative
- C.
Cash
- D.
Raw
- 5.Due to inflation, the dollar is worth more nowadays than it was before
- A.
True
- B.
False
- 6.Real Wage = Nominal Wage / _____% Increase in Prices Since Base Year
- A.
1%
- B.
2%
- C.
5%
- D.
10%
- 7.Real prices can _________ even if nominal prices increase
- 8.The nominal price of 5 bananas is
- A.
$600
- B.
5 oranges
- C.
Around $3
- D.
A banana peel
- 9.The real price of a water bottle is
- A.
$0.25
- B.
A cactus
- C.
$2
- D.
A granola bar
- 10.The "real" value of a good is basically
- A.
Mexico
- B.
Trading and bartering
- C.
$666
- D.
The moon landing was faked
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