Based on the quantity equation, if M = 150, V = 4, and Y = 300, then P =
a. 8.
b. 0.5.
c. 2.
d. 3.
c
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In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
On a bank's balance sheet, assets are
A) the uses of acquired funds. B) the sources of acquired funds. C) those items owed by the bank to depositors and others. D) by definition equal to the bank's liabilities.
Regulation
A) always increases consumer surplus. B) passes the cost-benefit test. C) solves market failures of all size. D) None of the above.
Most prophecies of the imminent exhaustion of many natural resources have not come true because
a. such resources are generally available in infinite quantities. b. rising prices for resources have stimulated supply and encouraged innovation. c. the demand for most natural resources has fallen as income levels have increased. d. government price floors have prevented resource exhaustion.