The equation M× V = P× Y is called the
A. multiplier formula.
B. transactions formula.
C. equation of exchange.
D. balanced exchange formula.
Answer: C
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The equilibrium in the prisoner's dilemma is a dominant strategy Nash equilibrium
Indicate whether the statement is true or false
If the production possibilities curve is a downward-sloping straight line, that would indicate
a. that society cannot decide which good it prefers b. an absence of scarcity c. constant opportunity cost d. inefficiency e. specialization
What term describes demand with an elasticity of less than 1?
a) unitary elastic b) inelastic c) low d) elastic
The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. If Country X is a relatively land-abundant country, the opening up of free trade would cause the price of bread relative to cheese to 1 Unit of Bread1 Unit of CheeseLabor Input5 units20 unitsLand Input4 units10 units
A. initially rise but fall afterward. B. fall. C. stay the same. D. rise.