If the money supply is $600 and nominal income is $3,600, the velocity of money is

A) 1/60.
B) 1/6.
C) 6.
D) 60.


C

Economics

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In 2012, direct government purchases equaled ________ percent of expenditures of all levels of government

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You are more likely to do-it-yourself than hire a plumber to repair a leaky drain pipe

a. as the tax rate on your earned income dramatically decreases b. if the opportunity cost of your time decreases c. the less knowledge and experience in plumbing repair work that you possess d. if you already own the specialized tools required to complete the repair work e. as the transaction cost of the do-it-yourself repair work increases

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Which of the following characterizes an oligopolistic industry?

a. Few firms and standardized products b. Few firms and differentiated products c. Few firms and wither standardized or differentiated products d. A large number of competing firms

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The entrepreneur will typically have the most difficulty controlling

a. price b. average total cost c. average variable cost d. marginal cost e. total cost

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