Nominal GDP divided by the money stock equals:
A. the value of transactions.
B. the price level.
C. velocity.
D. real GDP.
Answer: C
Economics
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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).
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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.
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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.
Economics