Which of the following were invented centuries ago in China?
a. gunpowder
b. the wheelbarrow
c. printing with movable type
d. all of the above
d
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The velocity of circulation is defined as the
A) average number of times in a year that each dollar is used to buy goods and services. B) price level obtained when the money market is at its equilibrium. C) quantity of money demanded at equilibrium. D) speed with which changes in the interest rate spread throughout the economy. E) quantity of money supplied by the Fed.
If the price of corn increases by 20 percent and the quantity supplied of corn increases by 30 percent, then supply is
A) elastic and the elasticity of supply equals 1.5. B) inelastic and the elasticity of supply equals 1.5. C) elastic and the elasticity of supply equals 0.66. D) inelastic and the elasticity of supply equals 0.66. E) either elastic or inelastic, but more information about the elasticity of demand is needed to determine which.
Of the following high-income countries, which has the highest infant mortality rate?
A) Canada B) Japan C) the United Kingdom D) the United States
A player's strategy is a game plan when decisions are interdependent
a. True b. False