If nominal GDP is $6.0 trillion and the quantity of money is $1.5 trillion, then the
A) velocity of circulation is 4.
B) price level is 4.00.
C) price level is 120.
D) price level is 110.
E) velocity of circulation is 10.
A
Economics
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The two sectors of the economy in the simple circular flow model are
A. households and businesses. B. foreign markets and domestic markets. C. the private sector and the public sector. D. the employed and the unemployed.
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Assume firms break even in an industry. New firms ________ attracted to the industry and current ones ________ exiting it.
A. are not; are not B. are; are C. are not; are D. are; are not
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