Suppose that M = 300, P = 150, and Y = 6. Then the velocity of circulation equals
A) 0.02.
B) 0.50.
C) 2.00.
D) 3.00.
D
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In the above figure, which point corresponds to an increase in technology?
A) Figure A B) Figure B C) Figure C D) Figure D
Refer to Figure 2-6. If the economy is currently producing at point E, what is the opportunity cost of moving to point B?
A) 60 thousand spoons B) 26 thousand forks C) 0 spoons D) 20 thousand forks
If the demand for a product remains the same and the supply falls,
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.
Which of the following is an infant industry argument in favor of restrictions on foreign trade? a. Foreign producers must be prevented from exporting their goods below cost of production
b. Domestic workers must be protected from lower wages paid in foreign countries. c. The nation's security demands we ensure an adequate domestic supply of certain strategic goods. d. Do unto others as they do unto you. e. Industries in the early stages of development must be protected from competing with the more mature producers.