The number of transactions a typical dollar is used in during a given period is called the:
A. velocity of money.
B. transaction rate.
C. quantity theory of money.
D. transaction velocity.
A. velocity of money.
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Agriculture, clothing, and textiles are singled out for treatment in the chapter because
A) they tend to be the most highly protected sectors of industrial economies. B) they tend to be the least-protected sectors internationally. C) the policies of high-income nations in these sectors may have harmful effects in low-income countries. D) A and C are both correct. E) B and C are both correct.
The essence of the trade-off between equality and efficiency is that
A. taxes and transfers reduce incentives to earn income, thus reducing GNP. B. people are ideologically opposed to socialistic income redistribution. C. redistribution violates the “work ethic.” D. people are prejudiced against blacks and women.