Suppose You Paid $2

question 36

Multiple Choice

Suppose you paid $2.50 for a beer in 2004 and $3 exactly a year later.The price in 2004 is measured in _______ dollars; the price in 2005 is measured in _________ dollars.

• A) real; real
• B) nominal; real
• C) real; nominal
• D) nominal; nominal

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Definitions:

Dispute Resolution

The process of resolving disputes between parties through various mechanisms such as litigation, arbitration, mediation, or negotiation.

Business Relationships

Associations between individuals or companies that are based on trade, investment, partnerships, or other commercial activities.

Government Regulations

The laws and rules established by governmental bodies intended to control or govern conduct within a certain area of activity.

Executive Branch

The branch of government responsible for enforcing laws and day-to-day management of the nation.