The equation of exchange can be stated as
A. MV = PQ.
B. PV = MQ.
C. MQ = V ÷ P.
D. MP = VQ.
Answer: A
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Assume that consumption when young and consumption when old are both normal goods. The income effect of an increase in the interest rate will result in
a. an increase in saving when young. b. an increase in saving when old. c. a decrease in saving when young. d. a decrease in saving when old.
Per capita GDP will definitely increase if
A. Population increases more rapidly than GDP. B. GDP and population increase at the same rate. C. Population and GDP decrease at the same rate. D. GDP increases more rapidly than population.
When the economy's actual price level exceeds the expected price level in the short run, _____
Fill in the blank(s) with the appropriate word(s).
After two rounds of quantitative easing, the money supply was:
A. $2 trillion, still less than the amount pre-crisis. B. $2 trillion, nearly double the amount pre-crisis. C. $1 trillion, nearly the same as the amount pre-crisis. D. $3 trillion, more than triple the amount pre-crisis.