If the money supply is $600, the price level is $2, and real GDP is $300, the velocity of money is _____

Although the National Bank Act of 1863 was designed to eliminate state-chartered banks by imposing a prohibitive tax on banknotes, state banks were able to stay in business by

A) issuing credit cards. B) ignoring the regulations. C) acquiring funds through deposits. D) branching into other states.

A limited military draft is likely to be inefficient because

a. it transfers wealth from those who are drafted to those who benefit from the army's services. b. the wage rate paid to army personnel is set by the government, not by the market. c. more people will be drafted than would have joined a volunteer army. d. there is no guarantee that young adults with the lowest opportunity costs will be drafted.