For the equation of exchange to remain in balance
A. changes in P must equal the combined change in M and V.
B. changes in P must equal changes in V.
C. changes in Q must equal changes in M.
D. the equation does not have to balance.
A. changes in P must equal the combined change in M and V.
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An increase in the quantity of capital increases ________ and increase in the full-employment quantity of labor increases ________
A) the SAS and the LAS; only the SAS B) the SAS and the LAS; only the LAS C) the SAS and the LAS; the SAS and the LAS D) only the LAS; the SAS and the LAS
Contrary to what the Phillips curve would have predicted, the U.S. economy in the 1970s experienced simultaneous increases in inflation and unemployment
a. True b. False Indicate whether the statement is true or false
Zero economic profits for a perfectly competitive firm in the long run means
a. the firm must exit the industry. b. the firm is in equilibrium. c. the firm will shut down until the market improves. d. average revenue is insufficient to cover long-run average cost.
The national debt is now about
A. $700 million. B. $9 trillion. C. $900 billion. D. $12 trillion.