If Y and M are constant and V doubles, the quantity equation implies that the price level
a. falls to half its original level.
b. doubles.
c. more than doubles.
d. does not change.
b
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The Lorenz curve demonstrates:
A. inequality visually; the more linear the curve, the less inequality exists. B. inequality visually; the more linear the curve, the more inequality exists. C. average income levels per capita; the more linear the curve, the less inequality exists. D. average income levels per quintile; the more linear the curve, the more inequality exists.
Compare and contrast the U.S. economic record prior to 1940 and after 1950. How do the two time periods differ? What best explains the differences according to a macroeconomist?
What will be an ideal response?
If the price is reduced from $100 to $80 in Figure 20.1, ceteris paribus,
A. Total revenue will decrease. B. Total revenue will increase. C. Quantity demanded will decrease. D. Demand will increase.
Economics is a
A) hard science. B) physical science. C) natural science. D) social science.