Which of the following is false?
a. The money supply times velocity equals the price level times real GDP
b. If individuals are writing lots of checks on their checking accounts and spending currency as fast as they receive it, velocity will tend to be high.
c. The magnitude of velocity does not depend on the definition of money that is used.
d. Velocity equals nominal GDP divided by the money supply.
c
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The figure above shows ________ relationship between the two variables
A) a positive B) a negative C) no D) an inverse
The political party that is in power determines the position and shape of the production possibilities frontier that constrains the choices of the economy
a. True b. False Indicate whether the statement is true or false
Which of the following is true?
a. Economic freedom is present if a country is a political democracy. b. Economic freedom ratings indicate the consistency of a nation's institutions and policies with personal choice, freedom of exchange, and protection of private property. c. Economies that are highly free tend to grow less rapidly than those with less economic freedom. d. All of the above are correct.
If the nature of production is such that adjustments take longer, then supply is likely to be _____________
Fill in the blank(s) with the appropriate word(s).