According to the equation of exchange, if V = 10, P = 3, and Y = $50, then the money supply equals
A) $10. B) $15. C) $30. D) $150.
B
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If depreciation is less than gross investment, then net investment is
A) positive. B) negative. C) zero. D) This situation could never occur because it is impossible for depreciation to be less than gross investment.
An increase in lifetime wealth
A) increase current labor supply and increase current consumption demand. B) increase current labor supply and decrease current consumption demand. C) decrease current labor supply and increase current consumption demand. D) decrease current labor supply and decrease current consumption demand.
Transfer payments are payments to individuals for which nothing is currently rendered in return.
Answer the following statement true (T) or false (F)
Which of these is the BEST example of how the free enterprise system of the United States promotes individual initiative?
A) Men must register for selective service. B) A citizen may be called to serve on a jury. C) The legislative branch levies an income tax. D) Authors can have original works copyrighted.