The least liquid form of money is _________
Fill in the blank(s) with the appropriate word(s).
Answer : checks
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The equation of exchange states that the price level is equal to
A) the quantity of money. B) velocity of circulation multiplied by the quantity of money divided by real GDP. C) real GDP multiplied by the velocity of circulation divided by nominal GDP. D) the velocity of circulation.
Across national economies which of the following is the most important source of variation in growth rates?
A) labor growth B) capital growth C) productivity growth D) government regulation
The likely result of an economy operating at full employment is:
a. cost-push inflation. b. demand-pull inflation. c. a lower rate of growth. d. hyperinflation.
Two goods are considered substitutes if
a. a decrease in the demand for one leads to a decrease in the supply of the other. b. an increase in the demand for one leads to a decrease in the supply of the other. c. an increase in the price of one leads to an increase in the demand for the other. d. a decrease in the price of one leads to an increase in the demand for the other. e. a decrease in the supply of one leads producers to switch to production of the other.