If nominal gross domestic product is $4,800 and the money supply is $600, the velocity of money is _____
a. 18.3
b. 8
c. 4.57
d. 12
b
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USX, a steel company, reduced the number of man-hours required to produce a ton of steel from 10.8 in 1982 to 3.8 in 1990, thereby eliminating 55,000 jobs. Technically, this rise in productivity means the
A. marginal product of labor increased. B. average product of labor increased. C. average product of capital fell. D. marginal product of capital fell.
If at a given wage, the quantity supplied of labor exceeds the quantity demanded of labor:
A) the wage rate will fall. B) the wage rate will increase. C) the aggregate price index will rise. D) the aggregate price index will fall.
A bank's liabilities are
A) included as part of the bank's reserves. B) things owned by or owed to the bank. C) things the bank owes to someone else. D) a measure of the bank's net losses.
When the actual exceeds the natural unemployment rate, this means that we have ________ unemployment
A) positive structural B) negative structural C) positive cyclical D) negative cyclical