The ______ of money refers to the intensity with which money is used.
a. rate
b. velocity
c. depreciation
d. appreciation
b. velocity
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In which of the following market types do all firms sell products so identical that buyers do not care from which firm they buy?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
Which of the following is expected to happen if import restrictions are removed for a particular industry?
a. Supply will increase b. Supply curve will shift to the left c. Demand curve will shift to the left d. Prices will increase
If the short run elasticity of supply for a product is 0.8, in the long run elasticity, supply: a. Is inelastic
b. Is unit elastic. c. Is inelastic. d. Any of the above could be true of the product's long run elasticity of supply.
The supply of oil is likely to be
a. inelastic in both the short run and long run. b. elastic in both the short run and long run. c. elastic in the short run and inelastic in the long run. d. inelastic in the short run and elastic in the long run.