Trade barriers are an expensive and inefficient way to reach most of the goals for which they are used

The ratio of nominal GDP to money supply is referred to as:

A) velocity. B) inflation ratio. C) Fischer's ratio. D) price index.

If economic data reveals that inflation is rising, the Fed:

A. does not need to know the state of real GDP growth in order to justify increasing the growth rate of the money supply. B. may increase the growth rate of the money supply without really knowing the state of real GDP growth. C. may reduce the growth rate of the money supply without really knowing the state of real GDP growth. D. will also at that time know the state of real GDP growth and can respond accordingly.