If the money supply is $350 and PQ is $1,400, according to the quantity theory of money, the velocity of money is
a. 35.0.
b. 7.5.
c. 4.0.
d. 0.25.
c. 4.0.
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Short-run equilibrium output is where the level of output:
A. equals aggregate expenditure. B. equals real GDP per capita. C. equals potential output. D. maximizes firm profits.
The Atlantic City Expressway is a highway that runs from outside Philadelphia to Atlantic City, New Jersey. It is notoriously congested during the summer weekends when many people are driving to the beach about the same time. The marginal private cost for a driver of driving on the Expressway includes
I. the cost of gasoline. II. the cost of increasing congestion for everyone else. A) I only B) II only C) Both I and II D) Neither I nor II
For a perfectly competitive firm, the long-run supply curve is its long-run marginal cost curve.
Answer the following statement true (T) or false (F)
The U.S. government counts both cash income and in-kind transfers when determining the poverty rate.
Answer the following statement true (T) or false (F)