The equation of exchange states that the money value of GDP must be equal to the product of the money stock times its velocity
a. True
b. False
Indicate whether the statement is true or false
True
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Falling inequality has been a feature of the HPAE due to land reform, free public education, free basic health care, and significant investments in infrastructure for communication, sanitation, and transportation
Indicate whether the statement is true or false
A price elasticity (ED) of ?1.50 indicates that for a ____ increase in price, quantity demanded will ____ by ____
a. one percent; increase; 1.50 units b. one unit; increase; 1.50 units c. one percent; decrease; 1.50 percent d. one unit; decrease; 1.50 percent e. ten percent; increase; fifteen percent
Declining cost industries
a. have upward rising AC curves. b. have upward rising demand curves. c. have ?-shaped total costs. d. have diseconomies of scale. e. have marginal cost curves below their average cost curve.
If the general level of prices is lower than business decision makers anticipated when they entered into long-term contracts for raw materials and other resources, which of the following is most likely to occur?
a. An economic boom. b. Highly attractive profit margins. c. An actual rate of unemployment that is greater than the natural rate of unemployment d. A sharp increase in imports.