The velocity of circulation is equal to
A) the price level multiplied by the quantity of money.
B) nominal GDP divided by the quantity of money.
C) the quantity of money divided by the price level and then multiplied by real GDP.
D) the quantity of money divided by nominal GDP.
E) the price level divided by real GDP.
B
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The value of goods produced in a previous year but sold in the current year is added to the GDP for the current year
Indicate whether the statement is true or false
In a two-person repeated game, a tit-for-tat strategy is
a. When each player pursues his or her own self-interest without any cooperation b. When players start off as non-cooperative and then cooperate when one or both players show interest in colluding c. When players start off by cooperating and then mimic the other player's last move d. With neither players defecting