A nominal value is measured:
A. by indexing.
B. using the consumer price index.
C. in terms of current dollar value.
D. in physical terms.
Answer: C
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The income elasticity for most staple foods, such as wheat, is known to be between zero and one
a. As incomes rise over time, what will happen to the demand for wheat? b. What will happen to the quantity of wheat purchased by consumers? c. What will happen to the percentage of their budgets that consumers spend on wheat? d. All other things equal, are farmers likely to be relatively better off or relatively worse off in periods of rising incomes?
Which of the following might be an effect of advertising?
a. all of the following b. increased product differentiation c. increased total costs of production d. increased average total costs of production e. increased demand for the product