If velocity is equal to 4, this means that
A) the rate of growth of the money supply is 4.
B) an increase in the money supply will lead to an increase in aggregate supply of 4.
C) each dollar of the money supply is spent on the average 4 times per year.
D) for every 4 dollars of the money supply, nominal GDP will increase by 4.
C
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The accompanying figure shows Becky's daily production possibilities curve for dresses and skirts.
The maximum number of skirts that Becky can make in a day is represented by point:
A. V B. U C. T D. Z
Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, ________ has an absolute advantage in selling cars and ________ has an absolute advantage in selling trucks.
A. Joe; Joe B. Ralph; Larry C. Larry; Joe D. Larry; Ralph
The standard of living in an economy is best measured by:
A. the inflation rate. B. output per person. C. total output. D. average labor productivity.
If a perfectly competitive firm's average total cost curve is above its demand schedule at every level of output, then the firm will earn ________ profits.
A. positive B. break-even C. zero D. negative