If velocity is 6 and the quantity of money is $2 trillion, what is nominal GDP?
A) $12 trillion
B) $6 trillion
C) $3 trillion
D) $333 billion
A
Economics
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A vertical demand curve has an elasticity of demand equal to zero.
Answer the following statement true (T) or false (F)
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In the long run, firms in monopolistic competition produce at a level that is ________ the efficient scale of output
A) less than B) equal to C) more than D) All of the above are possible depending on market conditions.
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The relative price of goods in two countries is known as the ________
A) nominal exchange rate B) real exchange rate C) domestic price level D) real interest rate
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In a perfectly competitive labor market, the labor supply curve facing the firm will be
A) upward sloping. B) downward sloping. C) horizontal. D) vertical.
Economics