Which Term Refers to Economic Variables Whose Values Are Measured

question 177

Multiple Choice

Which term refers to economic variables whose values are measured in monetary units?

• A) dichotomous variables
• B) nominal variables
• C) classical variables
• D) real variables

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Inferior Good

A type of good whose demand decreases as the income of consumers increases, inverse to the typical demand pattern.

Complementary Goods

Products or services that are used together, where an increase in demand for one leads to an increase in demand for the other.

Substitute Goods

Products or services that can be used in place of each other by consumers.