If real GDP is $4 billion, the price level is 1.25, and the nominal money stock is $500 million, then velocity is
A) 0.1.
B) 1.
C) 10.
D) 100.
C
Economics
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If marginal costs fall below average cost, average cost must be
a. Be increasing b. Be decreasing c. Stay constant d. None of the above
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Economic models are of limited use since they cannot be tested empirically with actual data
a. True b. False Indicate whether the statement is true or false
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If marginal cost equals average total cost, average total cost will
A) be maximized. B) decrease. C) increase. D) be minimized.
Economics
A tariff has the effect of:
A. raising the price of the imported product. B. increasing the demand for the exported product. C. increasing the demand for the imported product. D. increasing the supply of the imported product.
Economics