Which of the following macroeconomic variables is not in the equation of exchange?
a. GDP price index.
b. Real GDP.
c. Real exchange rate.
d. Money supply.
e. All of the above are part of the equation of exchange.
.C
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David takes 10 minutes to process a customer, and 20 minutes to stock the shelves. Danny takes 15 minutes to process a customer, and 15 minutes to stock the shelves. Which of the following statements is true?
A) Danny has a comparative advantage in processing customers and in stocking shelves. B) David has a comparative advantage in processing customers but not in stocking shelves. C) Danny has an absolute advantage in performing both tasks. D) Danny has a comparative advantage in processing customers but not in stocking shelves. E) David has an absolute advantage in performing both tasks.
A market that operates outside the legal system, either by selling illegal goods or by selling goods at illegal prices is referred to in economics as a
a. gray market. b. resource market. c. black market. d. criminal market.