If nominal GDP = $15 trillion and the quantity of money is $3 trillion, what is the velocity of circulation?
A) 45
B) 18
C) 5
D) 12
C
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According to this Application, in Peru, producing palm oil is very profitable but is a time consuming process. Producing coca paste, an ingredient in cocaine, is not as costly or as time consuming as the production of palm oil
To switch Peruvian farmers from producing an ingredient used for cocaine to producing the profitable and safe palm oil would require A) improvements in finance and the ability to borrow funds. B) informal ownership of property. C) governmental approval. D) cocaine being declared illegal in Peru.
An increase in the price level leads to ________ in the demand for money, and an increase in real GDP leads to ________ in the demand for money
A) no change; an increase B) a decrease; a decrease C) an increase; an increase D) a decrease; an increase E) an increase; a decrease
If the golfers at Green Golf all have identical demands and Green Golf practices two-part pricing, the profit-maximizing user fee is ________ Green Golf's marginal cost.
A) one-half of B) equal to C) greater than D) less than
Comparing a uniform abatement policy, pollution tax and a command-and-control policy, which one is the most efficient approach in dealing with pollution?
A. pollution tax B. uniform abatement C. command-and-control D. All of these are equally efficient.