Refer to the table above. The value of the money included in M2 but not counted in M1 is:

Perry accumulated a lot of mathematical skills while in high school, college, and graduate school. Economists include these skills as part of Perry's

a. proprietary knowledge. b. technological knowledge. c. human capital. d. physical capital.

Gross Domestic Product is calculated by adding together

a. the number of goods and services produced in the economy. b. money value of final goods and services. c. number of workers employed in national production. d. all commodities but not services produced in the economy.

Which of the following is true about the equation of exchange??

a) The equation of exchange can be presented as: M + V = P + Q.
b) Velocity represents the average number of times that a dollar is used in purchasing final goods or services in a one-year period.
c) ?If M decreases, and V increases, then P must rise and/or Q must rise.
d) All of the above are true about the equation of exchange.

The market system is said to be characterized by "consumer sovereignty." This is because:

A. A sovereign government determines which consumer goods will be produced B. The prices of consumer goods are regulated by a sovereign government C. Firms must match their production decisions to the consumers' choices D. Consumer goods are considered to be more important than capital goods