The quantity theory of money is a theory asserting that the quantity of money available determines the price level and the growth rate in the quantity of money determines the inflation rate.
Answer the following statement true (T) or false (F)
True
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Checks and credit cards are NOT considered money because they
A) are issued by banks, not the Federal Reserve. B) are not the means of payment. C) typically require an identification requirement, such as your driver's license. D) are not backed by all commercial banks.
Which of the following economists did not help to develop game theory analysis?
A) John Nash B) Adam Smith C) Oskar Morgenstern D) John von Neumann
Net national product equals
A) gross national product minus statistical discrepancy. B) gross national product minus depreciation. C) national income minus taxes on production and imports. D) national income plus depreciation.
If the wealth effect of an increase in the real wage was greater than the substitution effect of an increase in the real wage
a. the labor supply curve would slope upward. b. the labor supply curve would slope downward. c. the labor supply curve would be vertical. d. the labor demand curve would solely determine the real wage.