Which of the following is the accurate equation for velocity?
a. V = (M x Q)/ P
b. V = P x Q x M
c. V = (P x Q)/M
d. V = P + Q ÷ M
c. V = (P x Q)/M
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Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $80,000; $88,000 C. $88,000; $90,000 D. $80,000; $99,000
For superstar athletes
A) their entire earnings are economic rent. B) part of their earnings are economic rent. C) none of their earnings are economic rent since rent doesn't apply to labor. D) none of their earnings are economic rent since they will do some other work once they are too old to be an athlete.
A pair of running shoes costs $70 in the U.S. If the price of the same shoes is 4500 rupees in India and the exchange rate is 60 rupees per dollar, than the real exchange rate is
a. more than 1, so a profit could be made by buying these shoes in the U.S. and selling them in India. b. more than 1, so a profit could be made by buying these shoes in India and selling them in the U.S. c. less than 1, so a profit could be made by buying these shoes in the U.S. and selling them in India. d. less than 1, so a profit could be made by buying these shoes in India and selling them in the U.S.
Which of the following did John Maynard Keynes believe held the key to understanding fluctuations in investment?
a. how people spend their money b. how businesses make predictions c. how inflation affects the economy d. how governments enact policy