In words, the equation of exchange says that
A) the total amount spent on final output equals the amount received for final output.
B) the amount of money in circulation equals the velocity of the price level.
C) changes in the money supply will have no impact on the amount spent on final output.
D) when velocity equals 1, nominal GDP equals the price level.
A
Economics
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The above table gives the demand schedule for Billy Bob's BBQ ribs. The demand for Billy Bob's ribs is unit elastic at which of the following prices?
A) $10 B) $7 C) $5 D) $1
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An improvement in a firm's technology that reduces its production costs will result in a(n):
a. rightward shift of the supply curve. b. increase in supply. c. increase in quantity supplied at any given price. d. all of these are true.
Economics