The adult population must equal the sum of the employed, the unemployed, and those not in the labor force

Suppose that the nominal quantity of money is $200 billion and the value of nominal GDP is $1 trillion. It must be the case that

A) the economy is suffering from inflation. B) the average price paid for a "typical" good is $5. C) there will be a shortage of money balances in the economy. D) the velocity of circulation is 5.

In a perfectly competitive industry, which of the following is true?

a. The competitive price is higher and quantity higher than the socially efficient point. b. The competitive price is higher and quantity lower than the socially efficient point. c. Since the industry is perfectly competitive, price and quantity are at the socially efficient levels. d. The competitive price is lower and quantity higher than the socially efficient point.