The historical data on velocity shows that velocity for
a. M1 has fallen since 1929 and has become more stable since 1981.
b. M1 has risen since 1949 and has become more volatile since 1981.
c. both M1 and M2 have increased since 1949 but have become more stable since 1979.
d. both M1 and M2 have declined since 1949.
b
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If economic resources are perfectly interchangeable between the two products shown on a production possibilities graph:
A. The economy will always be at full employment B. More of one product can be produced without producing less of the other product C. The production possibilities curve would be a straight line D. The two products are of equal value to the economy
Maria buys a cup of coffee every day after her economics class. The first cup of coffee always tastes wonderful. The second does not taste quite as good as the first. The third does not taste quite as good as the second. Maria is experiencing
A) irrational behavior. B) the law of diminishing marginal utility. C) the income effect. D) the substitution effect.