Nominal GDP, PY, is $7.5 trillion. The quantity of money is $3 trillion. The velocity of circulation is
A) 22.5.
B) 10.5.
C) 2.5.
D) 3.
C
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In monopolistic competition, the entry of new firms
A) shifts existing firms' demand curves rightward. B) shifts existing firms' demand curves leftward. C) only results in a movement along the existing firms' demand curves. D) has no effect on the existing firms' demand curves. E) shifts existing firms' supply curves rightward.
After constructing a new factory, the cost of building the factory is a
A) past cost. B) sunk cost. C) variable cost. D) None of the above answers are correct.
If the marginal tax rate is less than the average tax rate as taxable income increases, the tax structure is
A) proportional. B) progressive. C) unfair. D) regressive.
If a firm operates in a perfectly competitive market, then
A) all firms will advertise. B) no firms will advertise. C) the market leader will advertise. D) new firms will advertise.