According to the quantity theory of money, in the long run, an increase in the quantity of money results in an equal percentage increase in ________

A) the price level
B) the growth rate of real GDP
C) the inflation level
D) the growth rate of potential GDP

A

Economics

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Ever since the creation of the interstate highway system, the railroads have had to compete with trucks for freight shipments. Union Pacific, the nation's largest railroad, now offers door-to-door services to clients, using their own trains and trucks. This must be the result of:

a. horizontal merger. b. vertical merger. c. conglomerate merger. d. deregulation. e. high fuel prices.

Economics

Earth Movers & Shakers operates 3 iron ore mines. The accompanying table shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total Tons Per DayNumber of MinersMother Lode10025Scraping Bottom3010Middle Drift7515 The opportunity cost of moving one miner from Scraping Bottom to another mine is:

A. 3 tons per day. B. 4 tons per day. C. 0 tons per day. D. 5 tons per day.

Economics