The quantity equation states:
A. M ×V = P ×Y.
B. M ×P = Y ×V.
C. P ×V = M ×Y.
D. M ×Y = P ×V
A. M ×V = P ×Y.
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A monopoly is the only seller of a product
A. without a wellminusdefined demand curve. B. with many substitutes. C. with a perfectly inelastic demand. D. without a close substitute.
Although the subprime mortgage market problem began in the United States, the first indication of the seriousness of the crisis began in
A) Europe. B) Australia. C) China. D) South America.
The approach to understanding the determination of real GDP and the price level that emphasizes incomplete adjustment in the prices of many goods is
A. the Keynesian model. B. the aggregate demand model. C. the classical model. D. Say's law.
Say's law in classical economics suggests that, over a period of time:
A. Aggregate spending would tend to exceed total output and income B. Aggregate spending would tend to fall short of total output and income C. Aggregate spending would tend to equal total output and income D. Aggregate spending would tend to deviate from total output and income