Suppose that the price level is 5, money supply is 10 trillion dollars, velocity of money is 4. What is the value of real GDP?
A. $2 trillion
B. 8 trillion
C. 6 Trillion
D. 10.25 trillion
E. None
B. 8 trillion
MV=PY Y= MV / P Y= (10 * 4) / 5 Y= 40 / 5 Y= 8
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By 2015, ________ members of the European Union were using the euro as their currency
A) 12 B) 19 C) 28 D) 57
The imposition of a minimum wage on a competitive labor market will likely
A. lower the unemployment rate of low-income families. B. increase unemployment of high-skilled workers as firms substitute for high-skilled labor with low-skilled labor. C. create unemployment as some people enter the labor market while some firms reduce the quantity of labor they are willing to employ due to the increased wage. D. lower the wages of workers earning more than the minimum wage. E. create additional employment opportunities because some low-skilled workers will now see their wage increase.
Internal costs are
A) costs borne solely by the individuals who incur them. B) costs borne by people in the same society as those who incur them. C) costs borne by people working in the firm that incurs them. D) costs that are incurred by the producers but buyers do not pay for them.
When the Pilgrims first arrived in North America, they established communal ownership of all pastures and of all agricultural production. As is common with communal ownership, this communal ownership by the Pilgrims resulted in
A) underproduction and underconsumption. B) underproduction and overconsumption. C) overproduction and underconsumption. D) overproduction and overconsumption.