Business, 06.04.2021 04:10 sunarafet3814

The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Deborah spends all of her money on magazines and donuts. In 2008 she earned $27.00 per hour, the price of a magazine was $9.00, and the price of a donut was $3.00.

Which of the following give the nominal value of a variable? Check all that apply.
a. The price of a donut is 0.33 magazines in 2008.
b. The price of a donut is $3.00 in 2008.
c. Deborah's wage is 3 magazines per hour in 2008.

Which of the following give the real value of a variable? Check all that apply.
a. The price of a magazine is $9.00 in 2008.
b. The price of a magazine is 3 donuts in 2008.
c. Deborah's wage is $27.00 per hour in 2008.

Suppose that the Fed sharply increases the money supply between 2008 and 2013. In 2013, Deborah's wage has risen to $54.00 per hour. The price of a magazine is $18.00 and the price of a donut is $6.00.

In 2013, the relative price of a magazine is:

Between 2011 and 2016, the nominal value of Maria's wage and the real value of her wage -
Monetary neutrality is the proposition that a change in the money supply nominal variables and real variables.

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The classical dichotomy is the separation of real and nominal variables. The following questions tes...

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