The fact that some consumers will purchase a nine-ounce bottle of Evian water for $1.49, equivalent to $21.19 per gallon, illustrates the principle that the additional cost of the water is greater than the additional benefit

The labor demand curve slopes downward because

A) the firm maximizes profits by hiring more labor when the real wage rate rises. B) workers supply more hours of work when the real wage rate rises. C) the firm maximizes profits by hiring more labor when the real wage rate falls. D) workers supply fewer hours of work when the real wage rate rises.

If nominal GDP = $15 trillion and the quantity of money is $3 trillion, what is the velocity of circulation?

A) 45 B) 18 C) 5 D) 12