If velocity is equal to 6, and the quantity of money is $50 billion, according to the equation of exchange, nominal GDP is equal to
A) $300 billion. B) $150 billion. C) $18 billion. D) $8.3 billion. E) $56 billion.
A
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The Keynesian short-run aggregate supply (SRAS) curve
A) shows that real Gross Domestic Product (GDP) will increase only if the price level increases. B) is horizontal. C) assumes a full-employment level of real Gross Domestic Product (GDP). D) does not reflect any changes in nominal Gross Domestic Product (GDP).
Define "externality." Give an example of an external cost. Explain why resources will not be allocated efficiently if externalities are present. How can the problem of externalities be addressed?
What will be an ideal response?
The National Football League has long-term leases with the stadiums in major cities. Control of these stadiums is an entry barrier to a potential new football league
Indicate whether the statement is true or false
In a free market, economic activity is coordinated by
A. central planners. B. prices. C. costs. D. majority rule.