Assume there are 75 transactions a year in an economy with a money supply of $300 . If the average value of each transaction is $20, then the velocity of money is

The fundamental force that drives international trade is

A) absolute advantage. B) importation duties and tariffs. C) export licenses. D) comparative advantage.

In the case of a good that has no exclusion and no rivalry, private markets fail because

A) of free-ridership. B) this is a natural monopoly. C) profit is driven down to zero. D) the quantity produced will exceed the social optimum.