The quantity of money in an economy is $9 million, and the velocity of circulation is 3. Nominal GDP in this economy is ________
A) $6 million
B) $9 million
C) $3 million
D) $27 million
D
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The Great Crash on the New York Stock Exchange occurred in ________
A) October 1929 B) July 1776 C) September 2001 D) March 1933
Markets often generate negative externalities because
a. there are too many participants in the marketplace b. property rights are sometimes poorly defined c. identifying pollution sources isn't easy d. free riders are hard to control e. social benefits have not been internalized
Variable costs equal fixed costs when nothing is produced
a. True b. False Indicate whether the statement is true or false
Which of the following examples shows Adam Smith’s “invisible hand”?
a. Millions of people through buying and selling adjust how resources such as steel are used. b. The Federal Trade Commission uses consumer protection laws to adjust resource allocation. c. The five largest banks adjust loan interest rates, which affect the free market. d. Five countries form a trade agreement that spurs the economy in each country.