If the money supply equals 1,000, velocity equals 5, and real GDP equals 2,500, then the price level equals:
A. 5.
B. 2.
C. 5,000.
D. 2.5.
Answer: B
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In which industry is monopolistic competition most likely to be found?
A. mining B. agriculture C. retail trade D. utilities
Which of the following will decrease the demand for fast-food burger workers' labor?
a. More people start working two jobs and eat more fast food. b. The price of pizza, a substitute for burgers, decreases. c. A new technology allows burgers to be produced faster. d. Workers get additional training that increases productivity. e. Workers form a union and get higher wages.
According to the graph shown, if this economy were to open to trade, domestic prices would:
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
A. remain $14 for domestically produced goods, and be $10 for those units imported.
B. drop to $10 for all units.
C. remain $14, with more units sold overall.
D. increase to $17 for all units sold.
If one were to rank the demand curve facing a firm from the least elastic to the most elastic, the ranking would be
a. monopoly, perfectly competitive, monopolistically competitive b. monopoly, monopolistically competitive, perfectly competitive c. perfectly competitive, monopoly, monopolistically competitive d. monopolistically competitive, monopoly, perfectly competitive e. perfectly competitive, monopolistically competitive, monopoly