In the above figure, the economy is at point A. Then the price level rises to 110 while the money wage rate remains constant. Firms will be willing to supply output equal to
A) less than $16.0 trillion.
B) $16.0 trillion.
C) more than $16.0 trillion.
D) Without more information, it is impossible to determine which of the above answers is correct.
C
Economics
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Given the quantity theory of money 1/V represents
A) the velocity of money. B) the number of times the average $ changes hands. C) the proportion of nominal income held as a medium of exchange. D) PY.
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All of the following are examples of "external taxes" except:
a. the Stamp Act b. the Sugar Act c. the Townshend Acts d. the Molasses Act
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