If the money supply is $2 trillion and velocity is 5, then nominal GDP is
A) $1 trillion.
B) $2 trillion.
C) $5 trillion.
D) $10 trillion.
D
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Investment in education in the HPAE was ________ in ________
A) low; primary schools B) high; primary schools C) low; primary and secondary schools D) high; primary and secondary schools E) high; university education
Economic variables that generally move in tandem with the overall phases of the business cycle are called:
A) leading indicators. B) coincident indicators. C) lagging indicators. D) none of the above.
Social Security is used to redistribute income.
A. True B. False C. Uncertain
A monopolistic firm will shut down if
A) P < ATC for every level of output. B) P > ATC for every level of output. C) P > AVC for every level of output. D) P < AVC for every level of output.