Velocity is calculated as nominal GDP/money stock
a. True
b. False
Indicate whether the statement is true or false
True
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In an attempt to keep unemployment rate below its natural rate, many Latin American countries used expansionary fiscal and monetary policies heavily. These policy choices were the main reason why these same countries
a. true b. false
Negative marginal utility implies that:
a. ?the price of a good increases as additional units are consumed. b. ?total utility is negative. c. ?total utility decreases as additional units of a good are consumed. d. ?the total revenue spent by a consumer on a good decreases as more of the good is purchased. e. ?marginal utility increases as additional units of a good are consumed.
Satellite TV is a close substitute for cable TV. In the 1990's, small satellite TV units were developed that made it less costly for individual consumers to subscribe to satellite TV service. This caused the price elasticity of demand for cable TV service to:
A. become more elastic. B. shift to the left. C. become more inelastic. D. become less elastic.
Explain the relationship between average fixed cost and marginal cost.
What will be an ideal response?