When Shopping You Notice That a Pair of Jeans Costs

question 223

Multiple Choice

When shopping you notice that a pair of jeans costs $20 and that a tee-shirt costs $10.You compute the price of jeans relative to tee-shirts.

• A)The dollar price of jeans and the relative price of jeans are both nominal variables.
• B)The dollar price of jeans and the relative price of jeans are both real variables.
• C)The dollar price of jeans is a nominal variable;the relative price of jeans is a real variable.
• D)The dollar price of jeans is a real variable;the relative price of jeans is a nominal variable.

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Definitions:

Feudalism

A medieval European political, economic, and social system characterized by the granting of land in exchange for military service, operating on a hierarchy of lords and vassals.

Inheritance of Power

refers to the transfer of authority, control, or influence over others from one generation to another within families, dynasties, or organizations.

Rational Thoughts

The process of thinking clearly, logically, and without emotional bias.

Traditional Authority

A type of leadership in which the authority of an organization or a ruling regime is largely tied to tradition or custom.