The quantity theory of money implies that:
A) inflation is equal to the gap between the growth rate of money supply and the current real interest rates.
B) inflation is equal to the gap between the growth rate of money supply and the growth rate of nominal GDP.
C) inflation is equal to the gap between the growth rate of money supply and the current nominal interest rates.
D) inflation is equal to the gap between the growth rate of money supply and the growth rate of real GDP.
D
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Which of the following is NOT an assumption of marginal utility theory?
A) People derive utility from their consumption. B) More consumption yields more total utility. C) Marginal utility diminishes with more consumption. D) Utility can be measured and the units of utility are precisely defined.
Which of the following represents a perfectly competitive farmer's demand curve for hired hands?
a. her ATC curve b. her AVC curve c. her MRP curve d. her MRC curve e. her AFC curve