According to the quantity theory of money:
a. the velocity of money is highly variable.
b. the money supply directly affects real GDP.
c. the money supply inversely affects velocity.
d. real GDP increases as the price level increases.
e. P = MV/Q.
e
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When humanitarian efforts to free Sudanese slaves were introduced, ________ increased initially, which led to ________ prices
Over time, the slave trade became ________ profitable and the supply of slaves ________. A) supply; lower; less; decreased B) demand; lower; more; decreased C) demand; higher; more; increased D) supply; higher; more; increased
Economists use the phrase “invisible hand” to describe ______.
a. how the government controls the market system as if directing traffic b. the dignity of manual labor and the market system’s dependence on it c. the way goods are passed from producers to buyers in the marketplace d. how prices adjust to direct buyers and sellers to socially desirable outcomes
Economists who support market-based reforms for health care believe that increased competition among providers of health care would
A) decrease costs but decrease economic efficiency. B) decrease costs and increase economic efficiency. C) increase costs but increase economic efficiency. D) increase costs and decrease economic efficiency.
Among the two most important methods economists use to identify illegal discrimination are
A. "regression" techniques and "audit" methods. B. "audit" methods. C. "regression" techniques. D. lottery number analysis.