Refer to Figure 8.5. An efficiency wage in this economy would be represented by a real wage of ________ and an employment level of ________

The equation of exchange ________

A) states that the quantity of money multiplied by velocity must equal nominal income in a given year B) describes a relationship that is true by definition C) shows that real GDP must equal real money balances times the number of times a dollar turns over in a year D) all of the above E) none of the above

Three of the four events described below might reasonably be expected to shift the demand curve for beef to a new position. One would not shift that demand curve. The single exception is a(n):

a. change in people's tastes for beef. b. increase in the money incomes of beef consumers. c. fall in the price of beef. d. change in the price of a product competitive with beef (e.g. pork).