If nominal GDP is $600 billion and the money supply is $200 billion, the velocity of money is
A. 0.33.
B. 1.2.
C. 3.
D. 12.
Answer: C
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The level of real GDP identified by the long-run aggregate supply curve is
A) the level of GDP at which each industry is experiencing growth in sales. B) the level of GDP at which each business firm is experiencing growth in sales. C) the level of GDP at which no one is below the poverty line. D) the full-employment level of real GDP.
A falling price level in conjunction with rising output would be evidence in favor of which model?
a. Keynesian model. b. monetarist model. c. real business cycle model. d. a and b. e. none of the above.
The Land Ordinances of 1785 and 1787 accomplished which of the following?
(a) Established the foundation for future American capitalism by permitting land to pass into private hands (b) Allowed the practice of primogeniture or inheritance by the oldest son (c) Permitted land to be treated primarily as a "collective good" (d) Provided for a lateral expansion of American socialism
At equilibrium, if quantity supplied is 16, quantity demanded
A. is less than 16. B. is 16. C. is more than 16. D. cannot be found without more information.