The velocity of money is the __________ number of times a dollar is spent to buy final goods and services in a year
A) total
B) average
C) marginal
D) statistical
B
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Whenever two individuals trade with each other, one will benefit and the other will lose.
Answer the following statement true (T) or false (F)
Increased saving today means
a. more consumption today and in the future b. less consumption today and in the future c. more consumption today and less in the future d. less consumption today and more in the future e. more income today, but the net effect of increased income on the balance between consumption and saving cannot be determined in advance
We draw the long-run aggregate supply curve as a vertical line to reflect the fact that
A. the productive capacity of the economy never changes after full adjustment has occurred. B. an accurate depiction of the production possibilities curve is vertical after full adjustment has occurred. C. changes in the price level do not alter the level of long-run real GDP after full adjustment has occurred. D. technology and resource endowments do not affect long-run real GDP after full adjustment has occurred.
An industry is expected to expand if firms in the industry are earning positive:
A. Normal profits B. Economic profits C. Accounting profits D. Total revenues