While the classicists believed that both velocity and output are stable, Keynesians believe:
a. velocity is stable and output is variable.
b. velocity and output are both variable.
c. output is stable and velocity is variable
d. the same as the classical economists that both output and velocity are stable
e. at low levels of income both velocity and output are stable, but at high levels of income velocity becomes variable.
b
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During 2005-2006 Europe imported more than $70 million worth of U.S. long-grain rice
In 2006, the European Union threatened to restrict imports of long-grain rice because traces of genetically modified rice were found mixed in to commercial supplies. What would NOT be an effect in the European rice market if U.S. imports were banned? A) There would be an increase in long-grain rice consumption. B) There would be an increase European in rice production. C) The price of long-grain rice would increase. D) The quantity of long-grain rice imports would decrease.
Kevin purchasing concert tickets with his debit card is an example of the ________ function of money
A) medium of exchange B) unit of account C) store of value D) specialization