The equation of exchange states that the quantity of money multiplied by the number of times this money is spent in a given year must equal
A) nominal income.
B) real income.
C) real gross national product.
D) velocity.
A
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Empirical evidence shows that the short-run Phillips curve was vertical during the 1950s and 1960s
Indicate whether the statement is true or false
The European Union is the oldest, largest, and most ambitious integration agreement in the world today
Indicate whether the statement is true or false
Additions to the nation's capital stock are brought about through
A) the current account surplus. B) investment. C) investment and the current account surplus. D) investment and the government budget surplus.
When a country or a region of a country specializes in producing the product that has the lower opportunity cost compared to another country or region, it is practicing
A) absolute advantage. B) cost disadvantage. C) regional advantage. D) comparative advantage.