All railroads were private enterprises with no government influence
Indicate whether the statement is true or false
False
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Suppose the velocity of money is not fixed, but stable at about two percent growth per year
How could the quantity theory of money be modified to include a stable growth rate of the velocity of money? In this modified quantity theory of money with velocity growing at two percent per year, what would the growth rate of the other variables in the theory need to be to cause inflation?
Suppose technical change permits cable television companies to provide their services at lower rates. The share-the-gains, share-the-pains theory would predict that the regulators would
A) permit the firms to keep the savings and would lower prices only if the firms were pressured to do so. B) force the firms to pass all the savings on to consumers in the form of lower prices. C) force the firms to pass the savings on to consumers in the form of better service. D) force the firms to pass some of the savings on to consumers and to permit the firms to keep some of the savings themselves.
Marginal utility
a. increases as more of a good is consumed b. increases as the total utility of consuming a good increases c. is the same as the utility of consuming a good d. is the same as the utility of consuming an additional unit of a good e. is the same for all units of a good, but varies from one consumer to another
During 2017, the rate of inflation was 2 percent. Daniel sold basketballs that year for $16. If Daniel continued to sell basketballs for the same price in 2018, how did the relative price of basketballs change?
a. –2 percent b. –1 percent c. 2 percent d. 1 percent