In the Cambridge approach, if k is .5, total output is $50 billion, and the money supply is $100 billion, the price level is
A) 0.5.
B) 4.0.
C) 3.0.
D) 10.0.
B
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Refer to the table above. If the market is perfectly competitive, the equilibrium quantity of calculators is:
A) 3 units. B) 5 units. C) 6 units. D) 8 units.
If all firms in a monopolistically competitive industry faced the same demand and cost curves pictured in the above figure
A) new firms will enter the industry. B) some firms will exit the industry. C) their economic profit would be zero. D) they would each produce 60 units.
What is an appropriate definition for business cycles?
a. Business cycles reflect the flow of money between businesses, individuals, and the government. b. Business cycles are recurring, regular, and systematic movements in nominal economic activity around a long term trend. c. Business cycles are recurring, regular, and systematic movements in real economic activity around a long term trend. d. Business cycles are recurring, irregular, and unsystematic movements in real economic activity around a long term trend. e. None of the above.
Employee compensation accounts for about what percentage of national income?
A. 33 percent B. 42 percent C. 66 percent D. 90 percent