Nominal GDP divided by the money stock equals:
A. the value of transactions.
B. the price level.
C. velocity.
D. real GDP.
Answer: C
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Which of the following is NOT a part of the income approach to determining GDP?
A) rental income B) gross private domestic investment C) net interest D) indirect business taxes
The classical labor supply function is shown as
a. Ns = g(P/W). b. Ns = g(W/P). c. Ns = t(W/Pe). d. Ns = t(Pe/W).
Refer to the above figure. A recession is best described as
A) the upward linear line. B) the period between Point B and Point C. C) the period between Point A and Point B. D) none of the above.
According to the above table, Gross Domestic Product as calculated by the income approach is
A. $14,925 billion. B. $15,619 billion. C. $10,121 billion. D. $10,646 billion.