If GDP is $12,000 and velocity is 4, the money supply is
A) $27,000.
B) $12,000.
C) $4,000.
D) $3,000.
E) There is not enough information provided to answer this question.
D
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The manager of Fatty Foods is thinking about retiring. He has two options: to leave his stores as a company stores, to be managed by a salaried manager, or to sell some of them as franchises. He however has no way of monitoring the salaried managers' activities. What would be his best bet?
a. Let the stores stay company stores b. Sell them off as franchises c. Shut down the business completely d. Never retire
A monopoly will produce the same quantity of output as an otherwise similar perfectly competitive market if
a. it is a perfect price discriminator b. it corners the market c. barriers to entry are high enough d. resource suppliers have market power too e. price is greater than average total cost
A vocal minority of economists, believers in the theory of rational expectations, insist that
A. the Phillips curve is downward sloping even in the short run. B. the Phillips curve is vertical even in the short run. C. a trade-off exists between inflation and unemployment even in the long run. D. expansionary fiscal and monetary policy can reduce unemployment without creating inflation.
Figure 15.2 depicts a one-mile stretch of beach with 100 swimmers distributed evenly along the beach. There are two ice cream vendors - 1 and 2 - on the beach selling an identical product. Assume that each swimmer buys only one ice cream cone and that they prefer to buy ice cream from the nearer vendor. If vendor 1 is at B while vendor 2 is at D, vendor 1 will sell ________ ice cream cones while vendor 2 sells ________ ice cream cones.
A. 45; 55 B. 50; 50 C. 55; 45 D. 60; 40