The quantity theory of money and prices rests on the assumption that
A) the minimum wage is constant. B) the velocity of money is constant.
C) the nominal interest rate is constant. D) the foreign exchange rate is constant.
B
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In the above figure, the market is at its equilibrium. Area B is equal to
A) consumer surplus. B) total revenue. C) marginal benefit. D) producer surplus. E) total surplus.
The GDP is the value of all final goods and services produced
A. by domestically controlled companies.
B. by domestically owned companies.
C. by citizens of the country.
D. within a nation's boundaries.
The argument that import restrictions save jobs and promote prosperity fails to recognize that
What will be an ideal response?
Changes in government spending
A. are an indirect component of the expenditures schedule. B. have a different multiplier effect than changes in business investment spending. C. are a direct component of the expenditures schedule and have the same multiplier effect as changes in business investment spending. D. do not have an effect on spending if they are matched by tax changes.