In the equation of exchange, PQ represents:
a. the dollar value of all final goods and services sold in a country in a given year.
b. the price index times nominal GDP
c. real GDP.
d. the price level times the velocity of money
a
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For a person earning $75,000, the average tax rate is:
A. 10%
B. 15%
C. 19%
D. 17%
Suppose farmers in a given market can either grow soy beans or corn on their land. In addition, suppose an increase in the demand for corn causes the price of corn to increase. All else equal, an increase in the price of corn creates an incentive for farmers to:
A. grow less corn, but not change their production of soy beans. B. grow more corn, but not change their production of soy beans. C. switch away from growing soy beans and into growing corn. D. switch away from growing corn and into growing soy beans.
The ECB's focus on restraining inflation is, in large part, a result of:
A) Europe's experience with inflation during the 1960s. B) Germany's experience with hyperinflation during the period between the first and second world wars. C) the ECB's distrust of some of its smaller member countries (e.g., Finland, Portugal). D) its monetary policy having no effect on economic growth.
The first antitrust legislation was the:
A. Sherman Act. B. Clayton Act. C. Federal Trade Commission Act. D. Robinson-Patman Act.