The ease with which an asset can be converted into the medium of exchange is called
a. liquidity.
b. velocity.
c. the equation of exchange.
d. the money multiplier.
a. liquidity.
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Most of the goods produced in an economy are ________
A) private goods B) public goods C) club goods D) inferior goods
The catch of American lobster off the shores of New England is regulated using quotas. If the quota is set correctly, then at this quantity, the marginal social cost ________ the marginal social benefit
A) is less than B) is greater than C) is not comparable to D) equals
Stability and equity are two principles associated with
a. private goods as opposed to public goods b. public goods, such as public assistance and defense c. merit goods, such as public assistance and agriculture d. transfer payment programs, such as education and natural resources e. transfer payment programs, such as public assistance and agriculture
An oligopoly can be characterized by production of either identical goods or differentiated goods.
Answer the following statement true (T) or false (F)