The velocity of money is:
A. the number of transactions a typical dollar is used in during a given period.
B. the number of goods a typical dollar can buy in a given period.
C. how quickly money is created through the financial system.
D. how quickly money will be accepted as a medium of exchange in a given period.
A. the number of transactions a typical dollar is used in during a given period.
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The Keynesian short-run aggregate supply curve
A) reflects the fact that real GDP is supply-determined. B) reflects the fact that real GDP does not vary with changes in aggregate demand. C) is vertical. D) is horizontal.
A concentration ratio
a. measures the percentage of total output supplied by the four largest firms in the industry. b. reflects the level of competition in an industry. c. is related to the control that each firm has over price. d. All of the above are correct.
Suppose the total benefit of watching 1 baseball game is 100, the total benefit of watching 2 games is 120, and the total benefit of watching 3 games is 125. In this case, the marginal benefit of watching the 3rd game is:
A. 125 B. 375 C. 5 D. 41.67
In many cases, life insurance companies will require applicants to take a physical. This is done to avoid the problem of:
A. free riding. B. transaction costs. C. moral hazard. D. adverse selection.