If an economy produces 1,000 units of output with a price level of $1 and the money supply (M) is $500, velocity is:

In the new classical model, an unanticipated increase in the money stock would cause

a. the price level and the level of real output to rise. b. the price level to rise with no effect on real output. c. real output to rise with no effect on the price level. d. no change in the price level or level of real output.

The result of a prisoner's dilemma is _____

a. individuals pursuing their own interests are acting for the group interest b. individuals pursuing the group interest are acting against their own interests c. individuals pursuing their own interests are acting against the group interest d. individuals pursuing the group interest are acting for their own interest