Refer to the given market-for-money diagrams. If each dollar held for transactions is spent four times per year on the average, we can infer that the:
A. real GDP is $800.
B. nominal GDP is $800.
C. money supply must be $800.
D. nominal GDP is $1,200.
B. nominal GDP is $800.
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An example of term limits in the United States would be that U.S. presidents cannot hold more than:
A. four 2-year terms. B. four 4-year terms. C. two 4-year terms. D. two 2-year terms.
Which of the following conditions must be satisfied for price discrimination to be successful?
A. The seller must have a different product for each group of customers B. The seller must be able to identify each customer as having a high or low value C. The seller must be able to prevent arbitrage between the two groups D. None of these
Ed's construction company has the following short-run cost function: q3 - 10q2 + 36q
a. What level of output will minimize the average cost? What is the AC at this point? b. Does the production process indicate diminishing returns? How can you tell?
As a consumer you believe yourself to act rationally, optimally and self-interestedly. You like ice cream and value a pint at $7 . Usually you buy a pint each week at $4 . This week however, the price jumped to $5 a pint. What would you do?
a. buy the ice cream since the price is still below your maximum willingness to pay b. buy the ice cream since even at the new price it gives you a positive amount of consumer surplus c. not buy the ice-cream since the price is now higher d. both A&B