If P equals $10, Q equals 2 million, and M equal $4 million, what is the velocity of money?
a. 5
b. $800,000
c. $6 million
d. $204 million
a. 5
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The demand for oil is inelastic. So, does an increase in the price of oil mean an increase in total revenue or a decrease in total revenue for oil producers?
What will be an ideal response?
Refer to the information above. In which period does gross investment reach its peak?
A) 1 B) 2 C) 3 D) 4 E) 5
According to the graph shown, the profits at point A are:
A. higher than those at point B.
B. lower than those at point B.
C. the same as those at point B.
D. higher than those at point C.