If the stock of money is $40 billion, velocity is 3, and real output is $60 billion, what is the price level?
A. 0.5
B. 2
C. 2.5
D. 4
Answer: B
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An economic model is a detailed version of an economic environment
Indicate whether the statement is true or false
When an asset is traded for goods and services it is serving the function of a ________
A) store of value B) loanable fund C) unit of account D) medium of exchange
Cartels are difficult to maintain because: a. there are generally few barriers to entry in oligopoly markets. b. firms have a strong private incentive to cheat on agreements. c. it is difficult to enforce a cartel agreement
d. both (b) and (c).
Price elasticity of supply is defined as:
a. the slope of the supply curve. b. the slope of the supply curve divided by the price. c. the percentage change in price divided by the percentage change in quantity supplied. d. the percentage change in quantity supplied divided by the percentage change in price.