The velocity of money is the
a. rate at which the price index for consumer goods rises.
b. multiple by which an increase in government expenditures will cause output to expand.
c. average number of times a dollar is used to buy goods and services included in GDP.
d. number of times a dollar is taken out of the country during a year.
C
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Higher U.S. interest rates cause the value of the dollar to
A) rise, making U.S. goods relatively cheaper on world markets. B) fall, making U.S. goods relatively cheaper on world markets. C) rise, making U.S. goods relatively more expensive on world markets. D) fall, making U.S. goods relatively more expensive on world markets.
If each of us relied exclusively on the market to determine what to buy, we would probably end up with few, if any:
a. streetlights. b. strawberries. c. CDs. d. raincoats. e. televisions.
Gertie saw a pair of jeans that she was willing to buy for $35. The price tag, though, said they were $29.99. Therefore:
A. Gertie should buy the jeans because the price is more than her reservation price. B. Gertie should not buy the jeans because they will be of lower quality than she expected. C. Gertie should buy the jeans because the price is less than her reservation price. D. Gertie should not buy the jeans because the price is not equal to her reservation price.
The trade philosophy of the Clinton administration is best characterized as
A. protectionist. B. mercantilist. C. free trade. D. strategic trade.