If nominal GDP is $7 trillion, and the money supply is $2 trillion, then what is the velocity of money?
a. 14.
b. 7.
c. 3.5.
d. 2.
c
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Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. Given the scenario described, if the market price of hammers decreased from $17 to $12:
A. producer participation in the market would decrease. B. total producer surplus would remain unchanged. C. producer participation in the market would not be affected. D. producer participation in the market would increase.
When demand is perfectly elastic, marginal revenue is
A) zero. B) equal to price. C) declining. D) increasing.
Since the 1970s, the incidence of obesity has risen from 15% of the U.S. population to
a. 20%. b. 25%. c. 30%. d. 35%. e. 50%. 12.Part of the cause of obesity is that food is cheaper; when something is cheaper a. The demand curve slopes upward. b. The demand curve slopes downward. c. Consumers demand more d. Consumers demand less e. Both b and c are correct.
An oligopoly is an industry with just one firm.
Answer the following statement true (T) or false (F)