If the Relative Price of One Unit of Good Y

question 80

Multiple Choice

If the relative price of one unit of good Y is 0.25 units of good Z,then it follows that the absolute price of good Z can be __________ and the absolute price of good Y can be __________.

• A) $4,000; $2,000
• B) $1,000; $2,000
• C) $2,000; $1,000
• D) a and c
• E) none of the above

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Definitions:

Labor Force Participation Rate

The percentage of the working-age population that is either employed or actively looking for work.

Increasing

Describes a situation where there is a growth or rise in a particular variable, measure, or quantity over time.

Constant

A fixed value that does not change.

Slope

A measure of the steepness or incline of a line, represented as the ratio of the vertical change to the horizontal change between two points on the line.