Which of the following identities describe the equation of exchange?
a. Money in circulation × prices = velocity × income
b. Money in circulation × income = velocity × prices
c. Real GDP = money in circulation × velocity
d. Nominal GDP = money in circulation × velocity
e. Real GDP = prices × money in circulation × velocity
d
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The buyers pay all of a tax when the demand is
A) perfectly elastic. B) more elastic than the supply. C) more inelastic than the supply. D) unit elastic. E) perfectly inelastic.
The difference between price and average total cost is
A) total costs. B) marginal costs. C) average profit. D) an irrelevant quantity.
When a price is presented in context to another, a firm is
A) discriminating. B) maximizing profits. C) marking up. D) framing.
Refer to the above data. Gross domestic product in this economy is:
$1,101 billion $1,049 billion $1,079 billion $1,090 billion