The time and invested funds involved in starting a lawn-cutting business address the economic concept of
A) the marginal principle. B) the principle of diminishing returns.
C) opportunity cost. D) the real-nominal principle.
C
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Because of the slope of the aggregate demand curve, we can say that
A) a decrease in the price level leads to a lower level of real GDP demanded. B) an increase in the price level leads to a higher level of real GDP demanded. C) a decrease in the price level leads to a higher level of real GDP demanded. D) an increase in the price level leads to no change in the level of real GDP demanded.
Your father tells you he earned $3.00 per hour when he was 16 in 1977; you remember making $6.00 per hour when you were 16 in 1999 . Given that the CPI was 36.7 in 1977 and 166.1 in 1999, which of the following is the 1999 real equivalent of your father's hourly earnings when he was 16?
a. $4.48 b. $6.78 c. $13.58 d. $15.01