If the amount of money in circulation is $180 billion and the value of the economy's total output is $540 billion, then the:
A. circulation period of money must be one-fourth of a year.
B. velocity of money is 4.
C. average price per final good sold is $3.
D. velocity of money is 3.
D. velocity of money is 3.
Economics
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The use of money is more efficient than barter because the introduction of money
A) reduces the need for economic specialization. B) reduces the need to exchange goods. C) reduces the need for other stores of value. D) reduces transaction costs.
Economics