If M increases and V decreases:
a. nominal GDP increases
b. nominal GDP decreases.
c. nominal GDP stays the same.
d. there is an indeterminate effect on nominal GDP.
d
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All points inside the production possibilities curve indicate
A) a lack of sufficient supply. B) inefficiency in production. C) the law of increasing relative cost. D) the law of decreasing relative cost.
Who among the following is a free rider? a. Butch breeds the feared pit bulls, and his neighbors now erect fences around their property
b. Fred watches many public television programs, but he has never sent in a contribution. c. Barry steals candy from the store where he works. d. Betty regularly uses the local public library. e. Joe drives 20,000 miles a year on public streets, but he pays no more in taxes than Sam, who only drives 1,000 miles.
A fund in which moneys are set aside either in preset amounts or on a variable basis is referred to as a
a. sinking fund b. serial bond c. common bond d. convertible bond e. mutual fund
A firm's demand for labor is derived from the:
A. opportunity costs associated with labor and leisure. B. demand for its output. C. desires and needs of the entrepreneur. D. cost of labor inputs.