If the money supply is $250 billion and nominal GDP is $1 trillion, the velocity of money is:

If the demand for a product is perfectly inelastic, the incidence of an excise tax will be:

A. entirely on the buyer. B. mostly on the buyer. C. entirely on the seller. D. mostly on the seller.

Explain the economic idea that "people respond to incentives."

What will be an ideal response?