If real GDP grows by 3 percent, the velocity of circulation does not change, and the quantity of money grows by 5 percent, then in the long run the inflation rate is
A) 8 percent. B) -5 percent. C) 2 percent. D) 3 percent. E) -2 percent.
C
Economics
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The opportunity cost of producing one additional truck is
A. the profit that could have been earned from selling that truck. B. the amount of other goods that could not be produced because productive resources were used instead to produce that truck. C. the price of the truck. D. all of the choices are true.
Economics
Define the following terms:
a) Indifference curve b) Utility
Economics
The overall effect of accounting for purchases of foreign goods in GDP reduces GDP
a. True b. False Indicate whether the statement is true or false
Economics
Use the figure below to answer the following question.
The marginal benefit of the second unit of X is ________.
A. 17 B. 4 C. 5 D. 11
Economics