According to historian Charles Beard's analysis and interpretation, the Constitution was
(a) divinely inspired.
(b) strongly favored by the vast majority of the colonists.
(c) influenced by the economic self-interest of the delegates to the Constitutional Convention.
(d) of little importance to future economic growth.
(c)
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Velocity is V, the quantity of money is M, the price level is P, and real GDP is Y. Which of the following formulas is correct?
A) Y = (P × M) ÷ V B) Y = V × M C) Y = (P + M) - V D) V = (P + Y) × M E) V = (P × Y) ÷ M
In economic terms, the total price of a pound of meat for an individual who has waited in line is
A) the money price paid to the butcher for the pound of meat. B) the money price of meat relative to the price of bread or other necessity. C) the money price of the meat plus the opportunity cost of time spent waiting in line. D) the money price of an equal amount of meat substitute, such as beans and rice.
Most economists believe price ceilings ______________
A. do more harm than good. B. have no impact on the market. C. do more good than harm. D. are necessary to protect consumers.
An increase in the demand curve for orange juice would be illustrated as a
A) leftward shift of the demand curve. B) rightward shift of the demand curve. C) movement up along the demand curve. D) movement down along the demand curve.