Suppose that the price level is 5, money supply is 10 trillion dollars, velocity of money is 4. What is the value of real GDP?
A. $2 trillion
B. 8 trillion
C. 6 Trillion
D. 10.25 trillion
E. None
B. 8 trillion
MV=PY Y= MV / P Y= (10 * 4) / 5 Y= 40 / 5 Y= 8
Economics
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Which of the following demand factors are under the control of management?
a. price of product b. advertising c. price of competitors' products d. customer service e. all except c
Economics
The graph below represents a competitive market for a product where the government now has introduced a price floor of 0C. Which area in the graph represents the producers' sales revenue after the imposition of the price floor?
A. 0CFL
B. 0CEJ
C. 0BGK
D. 0BHL
Economics