The money supply and velocity of money tell us the:
A. nominal value with inflation accounted for.
B. real output.
C. price value of real output.
D. nominal value of firm output.
Answer: C
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The main reason for the high price of antiques is that
A. supply is relatively inelastic and demand tends to increase over time. B. supply is relatively elastic and demand tends to increase over time. C. demand is relatively inelastic and supply tends to increase over time. D. demand is relatively elastic and supply tends to increase over time.
The graph illustrates the supply of sweaters. A fall in the price of sweaters brings
A) a decrease in the quantity supplied of sweaters. B) a movement along the supply curve. C) a shift of the supply curve. D) Both answers A and B are correct. E) Both answers B and C are correct.
Most Keynesians suggest that the Fed
A) use discretion in setting monetary policy. B) use fiscal policy to combat unemployment in the short run. C) follow a rule, such as keeping the money growth rate at 3%, regardless of the state of the economy. D) use fiscal policy to combat inflation in the long run.
If leisure is a normal good, then a decrease in income __________ the time allocated to __________
a. decreases; market work b. decreases; leisure c. decreases; nonmarket work d. increases; leisure e. increases; market work, nonmarket work, and leisure time