Suppose the U.S. money supply increases from $7.6 trillion to $8.3 trillion. If there is zero real economic growth, and velocity stays constant, then according to the quantity theory of money, the U.S. inflation rate during this period would be:

What is most likely to happen to the cost of owning and operating a golf course in a large city when the population grows?

A) The cost will decline because the course will be used closer to its capacity. B) The cost will not change as long as no attempt is made to enlarge the course. C) The cost will rise because the land will become more valuable for other purposes. D) The cost will rise if the course is privately owned but will be unchanged if the course is municipally owned. E) The cost will vary depending on the amount of competition from other courses.

Someone who turns down an opportunity to purchase a Bible for $5 and then immediately pays $5 to attend a movie thereby expects to obtain more satisfaction from seeing the movie than from

A) cultivating the spiritual life. B) deepening his religious faith. C) owning the Bible just offered to him. D) reading the Bible.