In the quantity equation, V represents the:
A. total number of transactions during some period of time.
B. price of a typical transaction.
C. rate at which each unit of money circulates in the economy.
D. quantity of money.
Answer: C. rate at which each unit of money circulates in the economy.
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The GDP deflator is a measure of
A) taxes and subsidies. B) changes in quantities. C) prices. D) depreciation. E) changes in nominal GDP.
What act of Congress declared restraint of trade illegal and declared any attempt at monopolizing unlawful?
a. Celler-Kefauver Act. b. Sherman Antitrust Act. c. Clayton Act. d. Robinson-Patman Act.
The portion of the Obama stimulus package that provided unemployment benefits for longer than the usual 26 weeks is best thought of as
A. discretionary (and contractionary) fiscal policy. B. discretionary (and expansionary) fiscal policy. C. monetary policy. D. nondiscretionary fiscal policy.
The value of M1 was
The Economic Report of the President estimated that for 1997, the US had the following money stock components (in billions): $426 in currency; $391.7 in checking account deposits; $8.2 in travelers checks; $242.8 in other checkable deposits; $963.7 in small denomination time deposits; $1395.4 in savings accounts; $591.5 in retail money market mutual funds; $579.2 in large time deposits; $235.9 in term repurchase agreements; $139.1 in Eurodollar accounts; and $359.5 in institutional money market mutual funds. a) $434.2 b) $825.9 c) $1068.7 d) $2454.1 e) $3417.8