The velocity of money is the:
A. relationship between the money supply and the price level.
B. number of times per year the average dollar is spent on final goods and services.
C. relationship between asset and transactions demands for money.
D. price level divided by aggregate supply.
B. number of times per year the average dollar is spent on final goods and services.
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If we are trying to determine if two different products are substitutes, complements, or not related at all, we should find the value of the
A) price elasticity of demand for both goods. B) price elasticity of supply for both goods. C) income elasticity of demand for both goods. D) cross elasticity of demand. E) price elasticity of demand and the price elasticity of supply for both goods.
Your checking account balance is included in your bank's assets
Indicate whether the statement is true or false
The median voter model
A) works well in the area of trade policy. B) is not intuitively reasonable. C) tends to result in biased tariff rates. D) does not work well in the area of trade policy. E) is not widely practiced in the United States.
Refer to Figure 8.1. Holding other variables constant, an increase in the real wage rate will result in a
A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.