Which of the following variables are assumed to be more or less constant in the quantity theory of money equation?
a. The price level
b. The real GDP
c. The money supply
d. The nominal GDP
e. The velocity of money
e
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Exhibit 5-9 Supply and Demand Curves for Good X
?
In Exhibit 5-9, assume the government places a $200 per unit sales tax on Good X. The percentage of the burden of taxation paid by consumers of Good X is:
A. zero. B. 25 percent. C. 50 percent. D. 100 percent.
Productive inputs that are actually or virtually fixed in supply are known as:
A. renewable natural resources. B. natural capital. C. nonrenewable natural resources. D. alternative fuels.
If the federal government had not bailed out the large financial institutions during the financial crisis of 2008-2009, the negative wealth effect would likely have been larger.
Answer the following statement true (T) or false (F)