The practice of buying a firm's good in one market at a low price and selling it in another market for a higher price in order to profit from the price difference is known as

If the amount of money in circulation is $400 billion and the nominal GDP is $800 billion, the velocity of money is

a. 0.5. b. 2. c. 4. d. 8.

Which of the following is not a cost of inflation identified by economists?

a. menu costs associated with more frequent adjustment of prices b. confusion and inconvenience resulting from a changing value of the unit of account c. reduced price flexibility d. arbitrary redistributions of wealth associated with dollar-denominated debts