Since the 1970s, the velocity of money has
A. behaved in a predictable fashion.
B. behaved in an erratic fashion.
C. decreased in value.
D. increased in a stable and predictable fashion.
Answer: B
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The property of money that allows us not to worry about "using it before it spoils" is called the
A. medium of exchange. B. store of value. C. security of value. D. creation of value.
Which of the following would decrease the total output of goods and services?
A. Mandatory controls on production B. Increases the hours of work C. Increases in labor input growth D. Increases in capital stock
Chicken and fish are substitutes. Therefore, the cross elasticity of demand between chicken and fish is
A. negative. B. positive. C. zero. D. Any of the above is possible.
In regression analysis, the explanatory variables
A) are always price and income. B) are the variables whose variations are to be explained. C) are the factors that are thought to affect the dependent variable. D) are used to explain the random error term.