Consider the economy of Burgerland, which only produces hamburgers. If the velocity of money is 25, the price of a hamburger is $5, and the quantity of money in the economy is $500, how many hamburgers did Burgerland produce?
a. 2,000
b. 2,500
c. 2,750
d. 3,000
b
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Refer to Figure 12-17. The graphs depicts a short-run equilibrium. How will this differ from the long-run equilibrium? (Assume this is a constant-cost industry.)
A) The price will be higher in the long run than in the short run. B) The market supply curve will be further to the left in the long run than in the short run. C) The firm's profit will be lower in the long run than in the short run. D) Fewer firms will be in the market in the long run than in the short run.
Which of the following are reasons why Social Security is compulsory?
a. A pay-as-you-go system needs new contributors to maintain solvency. b. A pay-as-you go system cannot let older individuals opt out of benefits. c. The adverse selection problem. d. all of the above e. a and c
A strong U.S. dollar is one that has:
a. c and e. b. d and e. c. depreciated. d. appreciated. e. helped U.S. exporters.
The public debt in the United States is the total value of government securities held by
a. foreign governments b. private individuals c. businesses d. everyone holding any part of the debt e. itself