The equation of exchange states that:
a. money supply multiplied by real output equals velocity.
b. velocity multiplied by money supply equals the selling price times the quantity of actual output.
c. money supply divided by velocity equals nominal GDP.
d. money supply divided by velocity equals real GDP.
b
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Refer to Figure 11-18. A curve that connects points A, D, and E is called
A) a total cost line. B) an expansion path. C) an indifference line. D) an input-output curve.
The Malthusian population trap model has been criticized on the grounds that it
(a) ignores the role of technological progress. (b) assumes that population growth is primarily determined by individual choice over the number of children to have. (c) both (a) and (b) are correct. (d) neither (a) nor (b) is correct.
MPK falls when production becomes more ________-intensive, meaning a ________ in v* and a ________ in net investment
A) labor, fall, fall B) labor, fall, rise C) labor, rise, fall D) capital, rise, rise E) capital, fall, fall
What is the difference between primary and secondary credit offered by the Fed and who would use secondary credit?
What will be an ideal response?