If V = 5, P = $3, and Y = 50, then the quantity of money equals
What will be an ideal response?
$30
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Market power refers to the
a. firm's ability to control the industry's supply and demand b. joining of firms into a cartel c. firm's ability to control market price d. market's ability to control a firm's price e. industry's ability to control market price
Contributions to and payments from Social Security
a. represent transfers from the young to the elderly b. represent transfers from the elderly to the young c. are voluntary d. represent transfers from high-income to low-income people e. are part of the government's public goods purchases
A person experiences a capital gain if she
A. settles a debt. B. invests in a physical capital project. C. sells an asset for more than what she paid for it. D. contributes to a country's production of capital goods.
There is "too much" steel production if the
A. social benefits of steel production are declining. B. social costs of steel production are significantly higher than the private costs. C. social costs of steel production are declining. D. social costs of steel production are significantly lower than the private costs.