If the velocity of money is 5, then each dollar must have exchanged hands on average 5 times per ______.
a. day
b. week
c. month
d. year
d. year
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Which of the following would cause an upward shift in the consumption function?
a. a stock market crash b. an increase in the price level c. a decrease in disposable income d. a decrease in the price level
Suppose that for a particular business there are no implicit costs. Then
a. accounting profit will be greater than economic profit. b. accounting profit will be the same as economic profit. c. accounting profit will be less than economic profit. d. the relationship between accounting profit and economic profit cannot be determined without more information.
In the short run, the equilibrium level of real GDP
A) is necessarily less than potential GDP. B) is necessarily equal to potential GDP. C) is necessarily greater than potential GDP. D) could be less than, equal to, or greater than potential GDP.
The quantity theory of inflation indicates that the inflation rate equals
A) the growth rate of the money supply minus the growth rate of aggregate output. B) the level of the money supply minus the level of aggregate output. C) the growth rate of the money supply plus the growth rate of aggregate output. D) the level of the money supply plus the level of aggregate output.