If the money stock grows by 13 percent, and during that same time nominal GDP grows by 3.3 percent, what can we deduce happens to velocity during this period?
A. It remained constant.
B. It rose.
C. It fell.
D. We cannot tell without knowing what happened to prices.
Answer: C
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In 1941 Henry Luce coined the term ______________________ to describe the magnitude of America's economic and military prowess.
Fill in the blank(s) with the appropriate word(s).
How does the economist's measure of profit differ from the accountant's measure?
A) Economists subtract total revenue from total cost; accountants do the opposite. B) Economists subtract total costs from total revenue; accountants do the opposite. C) Economists consider more sources of monetary revenue than accountants do. D) Economists include all opportunity costs, accountants don't. E) There is no difference between the two measures.
A single-price monopolist produces closer to the competitive level than a discriminating monopolist
Indicate whether the statement is true or false
People's knowledge is a type of capital, called human capital.
Answer the following statement true (T) or false (F)