Which of the following would tend to decrease velocity?
a. an increase in interest rates
b. more frequent paychecks
c. expected decreases in inflation
d. more efficient payment systems
c
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A "long-run exploitable Phillips curve" refers to a Phillips curve that in the long run is ________ rather than ________
A) downward sloping; vertical B) vertical; horizontal C) horizontal; upward sloping D) upward sloping; vertical
Figure 7-1
In Figure 7-1, which graph best represents total physical product with diminishing returns?
a.
1
b.
2
c.
3
d.
4
(a) Find the total profit or total loss of the firm shown in the graph. (b) Is the firm in short run or long run? (c) How much is the firm's most efficient output? (d) What is the lowest price the firm would accept in the long run?
A demand curve is a graphical representation of
A) consumer tastes. B) national income. C) the demand schedule. D) relative prices.