Suppose velocity is 3, real output is 9000, and the price level is 1.5. What is the level of real money demand in this economy?
A) 2000
B) 3000
C) 6000
D) 30,000
B
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One example of Ricardian rent is
a. rent paid to landlords under price controls. b. the difference between the wage of a star baseball player and what he could earn outside of baseball. c. the amount paid to a seller above the equilibrium price of tourist class tickets in order to receive higher quality seats in first class. d. the price rise of wool from a disease among sheep.
In which of the following situations will the profit of a perfectly competitive firm always increase with an increases in its output?
a. When price is greater than marginal revenue b. When price is less than marginal revenue c. When price is greater than marginal cost d. When price is less than marginal cost e. When price is equal to marginal cost
Most economists believe the severity and duration of the Great Depression was primarily the result of
a. the large budget deficits of the federal government. b. the reduction in tariffs and the influx of foreign imports during the early 1930s. c. the excessive use of credit cards. d. a sharp contraction in the money supply.
Answer the following statements true (T) or false (F)
1) The WTO is comprised of 28 European nations. 2) The current, ongoing round of trade negotiations in the World Trade Organization is called the Doha Round. 3) The European Union (EU) is a free trade zone comprising all the nations of eastern and western Europe. 4) France, Germany, and Italy are all members of the eurozone. 5) NAFTA is an international accord that will eliminate all tariffs and quotas worldwide by the year 2025.