The number of transactions a typical dollar is used in during a given period is called the:
A. velocity of money.
B. transaction rate.
C. quantity theory of money.
D. transaction velocity.
A. velocity of money.
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When a bank receives $100,000 in new deposits, the amount of loans the bank can make is limited by
A) the Treasury Department. B) federal law. C) its desired reserve ratio. D) the annual federal budget. E) state law, with banks in different states being able to make different amounts of loans.
The pig farm industry is perfectly competitive. Which of the following is true?
a. Since the industry is perfectly competitive, price and quantity are at the socially efficient levels. b. The competitive price is higher and quantity lower than the socially efficient point. c. The competitive price is higher and quantity higher than the socially efficient point. d. The competitive price is lower and quantity higher than the socially efficient point.
If marginal revenue is less than marginal cost, the firm should
A) raise price. B) raise marginal revenue. C) increase its rate of output. D) decrease its rate of output.
Perfectly competitive firms
A. are large relative to the size of the market. B. sell identical products. C. are price makers. D. All of the above are correct.