Suppose that P × Y is $5,000 million a year and the quantity of money is $500 million. Then the velocity of circulation is

_____ refers to actions that one party in a transaction takes based on his private information and that affect the payoff to the other party

A) Negative externalities B) Moral hazard C) Positive externalities D) Bargaining

Economists refer a to a market where buying and selling take place at prices that violate government price regulations as

A) a noncompetitive market. B) an outlaw market. C) a black market. D) a restricted market.