Monetarists accept the idea that velocity is not constant; nonetheless, they believe that it is still highly:
a. constant.
b. unpredictable, ill-behaved, and independent of money supply.
c. unpredictable, well-behaved, and dependent of money supply.
d. predictable.
e. variable.
d
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Accountants define profit as "total revenue minus total cost,"
A) and so do economists. B) but economists define profit as net revenue minus total cost. C) but economists define profit as net cost minus total revenue. D) but economists define profit as total cost minus total revenue. E) but economists have long abandoned the concept of profit.
What is the relationship between the marginal revenue curve and the demand curve for a single-price monopolist?
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The Bretton Woods system confronted severe problems in the 1960s, problems which included
A) dollars held by foreign central banks exceeded gold reserves held by the United States. B) some countries with overvalued currencies refused to devalue their currencies. C) the increased demand for gold brought about by lifting the prohibition against U.S. citizens owning gold. D) all of the above