Which of the following statements about the velocity of money in the U.S. is correct?
a. From 1915 to 1947, the velocity of M1 increased
b. From 1947 to 1973, the velocity of M1 decreased.
c. The growth in the velocity of money was steady in the 1970s.
d. The velocity of money has remained more or less stable post 1980s.
e. ATM machines and credit cards have increased the velocity of money.
c
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Refer to Figure 4-7. The figure above represents the market for iced tea. Assume that this is a competitive market. If the price of iced tea is $1
A) not enough consumers want to buy iced tea. B) the quantity supplied is economically efficient but the quantity demanded is economically inefficient. C) economic surplus is maximized. D) the quantity supplied is less than the economically efficient quantity.
If the price of apples falls and apples and oranges are substitutes, we would expect:
a. The quantity of apples demanded to increase and the demand for oranges to increase. b. The quantity of oranges demanded to decrease and the demand for apples to increase. c. The quantity of apples demanded to increase and the demand for oranges to decrease. d. The quantity of oranges demanded to decrease and the demand for apples to decrease.
When the perfectly competitive firm maximizes profits the price of its product always equals
A. average revenue. B. marginal costs. C. marginal revenue. D. All of the choices are correct
Refer to the accompanying figure. The opportunity cost of producing one bushel of wheat is:
A. 500 bushels of corn. B. ½ of a bushel of corn. C. 1,000 bushels of corn. D. 2 bushels of corn.