According to Irving Fisher, velocity ________
A) is determined by institutions that affect the way individuals transact
B) is affected by institutions only gradually
C) is assumed constant in the short run
D) all of the above
E) none of the above
D
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When economists say the quantity supplied of a product has decreased, they mean the:
a. supply curve has shifted to the left. b. supply curve has shifted to the right. c. price of the product has risen, and consequently, suppliers are producing more of it. d. price of the product has fallen, and consequently, suppliers are producing less of it.
Since the GATT agreement in 1947, the world has experienced
A. virtually no unfair trading practices among nations. B. the complete elimination of tariffs and other trade barriers among nations. C. a reduction of trade barriers among nations in the WTO. D. all of the choices are true.