The velocity of money is:
A. money supply divided by prices.
B. spending divided by output.
C. required monetary reserves divided by income.
D. nominal GDP divided by the money supply.
Answer: D
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If the price of a product increases
A. total revenue will definitely decrease. B. total revenue will definitely increase. C. consumer surplus will decrease. D. consumer surplus will increase.
Which of the following is a similarity between an English auction and a Dutch auction?
A) The second-highest bidder wins the good in both auctions. B) The bidder who values the good the most wins it in both auctions. C) The bidders submit their bids privately at the same time in case of both auctions. D) In both auctions, the bidders submit their bids privately at different times during the bidding process.
Which of the following is an example of trade policy at the regional level?
a. Congress passing legislation to prevent dumping. b. The European Union adopting a common currency c. The World Trade Organization holding a round of negotiations in France. d. The General Agreement on Tariffs and Trade being made.
Which of the following countries has had the greatest productivity per worker within the last ten years?
a. Germany b. Nigeria c. Nicaragua d. India