The number of times per year a dollar is used to transact an exchange is known as
a. liquidity of money
b. velocity of money
c. quantity theory of money
d. equation of exchange
e. rapidity index
B
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The GDP of a country can be derived by summing the:
a. expenditures on final goods and services produced domestically during the year. b. payments to employees and owners of capital resources and then subtracting depreciation and indirect business taxes. c. market value of all goods and services produced domestically during the period and then subtracting net exports from that figure. d. income payments to the resource suppliers and net exports.
Rent controls and controls on other prices often aggravate the very problem they are intended to solve
a. True b. False Indicate whether the statement is true or false
In order to correct the problems associated with external costs,
A) the signals given to the economy must change so that decision-makers will take into account all the costs of their actions. B) the government must take over production of industries that are responsible for most of the pollution. C) standards must be established that make it illegal to pollute. D) the prices of all goods must be raised so people will consume less of the world's resources.
Production efficiency implies that
A) joint profits are maximized. B) joint profits are minimized. C) joint profits are zero. D) joint profits can be increased.