If real GDP equals 1,500, nominal GDP equals 3,750, and the price level equals 2.75, then what is velocity if the money stock equals 1,875?
A. 0.8
B. 2
C. 1.5
D. 1.75
Answer: B
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Higher future living standards require:
A. increased rates of current consumption. B. increased rates of population growth. C. reduced rates of current consumption. D. reduced rates of current investment.
Which of the following definitely results in a product's equilibrium price rising?
A) an increase in both demand and supply B) a decrease in both demand and supply C) an increase in demand combined with a decrease in supply D) a decrease in demand combined with an increase in supply E) an increase in the supply combined with no change in the demand
Can nominal GDP decrease when the price level remains the same?
A) No, it is not possible. B) Yes, but only if real GDP decreases. C) Yes, but only if real GDP increases. D) Yes, but only if real GDP remains the same as well.
Producer surplus is the:
a. amount by which the quantity supplied of a good exceeds the quantity demanded of a good. b. measure of producers' willingness to sell a good plus the price of the good. c. measure of how much producers value a good. d. amount consumers actually pay for a good minus the amount the sellers are willing to sell the good.