In the quantity equation, the total output of the economy Y is used instead of transactions T because:
A. income is harder to measure than transactions.
B. transactions are harder to measure than income.
C. transactions grow at a faster rate than income.
D. transactions grow at a slower rate than income.
Ans: B. transactions are harder to measure than income.
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The supply curve shows the relationship between:
A. physical inputs of resources and the resulting units of output. B. total business revenues and quantity supplied. C. price and quantity supplied. D. production costs and the amount demanded.
For a monopolist
A) marginal revenue is equal to price for all units being sold. B) marginal revenue is less than price for all units being sold except the first unit. C) marginal revenue is greater than price for all units being sold except for the first unit. D) there is no relationship between marginal revenue and price.
The Bretton Woods system was the major system of exchange rate determination between World War I and World War II.
Answer the following statement true (T) or false (F)
In an monopolistic market there are:
A. Many buyers B. Few buyers C. Few sellers D. Many sellers