How do macroeconomists distinguish between nominal and real values of variables? a. real variables are always adjusted to reflect seasonal variation while nominal variables are not. b. nominal variables are always adjusted to reflect seasonal variation while real variables are not. c. nominal variables are measured in market prices; real variables are measured in quantities of goods and services. d. nominal variables are measured in quantities of goods and services; real variables are measured in market prices because that is how they are really counted?

Match the terms with the appropriate definition. 1. unpaid work done for a person or an organization lifestyle budget 2. any task that is useful volunteer work 3. a state-required legal document giving employees younger than eighteen years old permission to work work 4. a good or service that is desirable but not necessary want 5. wage amount after deductions are withheld net wage 6. lists the costs of items you choose to spend your money on work permit 7. the people who are both able and willing to work

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.

The era of venture capitalists doling out large sums of money to startups is a. just beginning b. on the rise c. over d. fading