Think of the quantity theory of money: If M = 200, P = 100, and Q = 10, then V is
a. 20
b. 2
c. 10
d. 5
e. 2,000
D
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What are some of the important questions regarding the assignment of decision rights in an organizational hierarchy?
What will be an ideal response?
In the GDP accounts production equals
a. income. b. income + saving. c. income - government expenditures. d. income - imports.
Judging from the table showing income inequality in the United States, the Great Depression and new social programs of the 1930s, plus the impact of World War II, caused the proportion of income earned by the wealthiest Americans to ______.
a. drop significantly
b. drop slightly
c. rise slightly
d. rise dramatically
Suppose Julia and Zach are the only consumers of milk. Julia's demand for milk is defined as QdJulia = 12 - 3P at prices below $4 and zero for prices above $4. Zach's demand for milk is defined as QdZach = 10 - 2P at prices below $5 and zero for prices above $5. If the market price for milk is $4.50, market demand is:
A. zero units of milk. B. 1.5 units of milk. C. 1 units of milk. D. 10 units of milk.