Which of the following best represents the equation of exchange?
A. M * Y * V = P
B. M * P = V * Y
C. M * Y = P * V
D. M * V = P * Y
Answer: D
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What area on a supply and demand graph represents consumer surplus?
What will be an ideal response?
The source of the adverse selection problem is ______
a. that individuals with high incomes are able to pay all medical costs out-of-pocket b. that individuals least likely to need health care do not purchase insurance c. individuals lack important information regarding the appropriate health care for them d. individuals desire to have comprehensive health care insurance
The use of government regulations to make companies use new technology to reduce pollution is complicated by the fact that ______.
a. technology that eliminates one type of pollution creates equal amounts of another b. such regulations would externalize the internal costs of pollution control c. the government has no legal authority to enforce regulations limiting pollution d. regulators would have to know about specific technology for each industry
Refer to the above figure. The firm is operating using MRP0. An increase in demand for the product has occurred. The relevant curve for the firm after the increase in price
A. is MRP0. B. is MRP1. C. is MRP2. D. could be MRP1 or MRP2 depending upon whether the firm was earning a positive profit.