Mercantilism followed feudalism. Unlike feudalism, mercantilism did not support any form of a strong central government or system of nation states

What does the negative slope of the utilities possibilities frontier imply?

A) Diminishing marginal utility. B) The only way to increase one person's utility is to decrease another person's utility. C) Diminishing marginal rates of substitution. D) The only way to increase output of one good is to decrease output of another.

If the Fed’s monetary policy causes a substantial increase in interest rates, what is the most likely impact on velocity?

A. Velocity will decrease. B. Velocity will increase. C. Velocity will remain constant. D. Velocity is unrelated to interest rates.