According to Irving Fisher, velocity ________
A) is determined by institutions that affect the way individuals transact
B) is affected by institutions only gradually
C) is assumed constant in the short run
D) all of the above
E) none of the above
D
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In order to maximize profits, firms organize their production using
A) only a command system. B) only an incentive system. C) a combination of command and incentive systems. D) neither a command nor an incentive system.
Refer to Figure 26-10. In the figure above, suppose the economy is initially at point A. The movement of the economy to point B as shown in the graph illustrates the effect of which of the following policy actions by the Federal Reserve?
A) an open market purchase of Treasury bills B) a decrease in the required reserve ratio C) an open market sale of Treasury bills D) an increase in income taxes
A business owner makes 100 . items a day. Each day he/she contributes 8 hours to produce those items. If hired, elsewhere he/she could have earned $250 an hour. The item sells for $15 each. Production does not stop during weekends. If the explicit costs total $150,00 . for 30 days, the firm's accounting profit for the month equals:
a. $300,000 b. $60,000 c. $450,000 d. $240,000
How can tariffs lead to a situation in which all parties to a trade lose?
What will be an ideal response?