One of the reasons the velocity of M1 has risen over the long-run is
A) increased economic uncertainty.
B) growth in the money supply.
C) new techniques of cash management by corporate treasurers.
D) an increase in the demand for money.
C
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In order to convert nominal gross domestic product (GDP) to real gross domestic product (GDP), we must divide: a. real GDP by the price index
b. nominal GDP by the price index. c. the price index by nominal GDP. d. the price index by real GDP. e. nominal GDP by 100.
In the absence of economies of scale, advertising:
A. cannot influence demand. B. is not used by monopolistic competitors. C. is used by perfectly competitive firms. D. increases the average total cost of producing a given amount of output.
One of the most important determinants of a good's price elasticity of demand is
A) the profits of suppliers. B) the numbers of buyers in the market. C) the ease with which consumers can substitute other goods for that product. D) the cost of producing the good.
A competitive equilibrium is not Pareto efficient if some members of society are unable to afford a necessary good
Indicate whether the statement is true or false