3. Select the correct answer An example of a nominal variable is __________. a.T

Question

3. Select the correct answer

An example of a nominal variable is __________.
a.The level of unemployment
b.The price level
c.The added work hours
d.The real wage rate.



The movement along the production function shows the relation between __________, keeping everything else constant (ceteris paribus).
a.The capital input and real GDP
b.The input of labor and real GDP.
c.The input of labor, the input of capital and real GDP.
d.The technology and real GDP.



The real wage rate measures __________.
a.The amount of goods and services that a work hour can buy.
b.The average weekly earnings of a worker
c.The dollar value of one hour of work
d.The value in dollars of what a worker can earn in another job.


All of the following are real variables, except __________.
to. The price level
b. The savings
c. The job
d. The investment

Explanation / Answer

3. The correct answer is B. Prices are a nominal variable.

4. The correct answer is C. This shows total output from the input of capital and labour.

5. The correct answer should be C. This will take out the impact of inflation.

6. The correct answer is A. Price is a nominal variable.

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