If the money supply is $500 and nominal income is $4,000, the velocity of money is

If the nominal interest rate is held constant, a higher inflation rate tends to

A) reduce the real interest rate. B) increase the real interest rate. C) leave the real interest rate unchanged. D) have no effect on the savings decisions of households.

Harmonization of standards refers to

A) the elimination of tariffs and quotas by trading partners. B) common product safety, environment, labor, and fair competition standards agreed upon by trading partners. C) the acceptance or keeping of a trading partner's standards as valid and sufficient by another trading partner. D) separate standards held by different trading partners which other partners refuse to recognize. E) All of the above.