The quantity equation is expressed as _____. The rate at which money changes hands is known as _____
Fill in the blank(s) with correct word
M x V = P x Y, velocity
Economics
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When a commercial bank lends $1000 to a customer, and the loan proceeds are spent by the customer, the legal reserves of the banking system
A) decline by $1000. B) do not change unless the loan proceeds are withdrawn in currency. C) rise by $1000. D) rise by more than $1000 because spending increases nominal GDP.
Economics
A 10 percent rise in the price of housing reduces the quantity demanded of housing by 3 percent. We can conclude that the demand for housing is:
a. inelastic. b. elastic. c. unitary elastic. d. perfectly elastic.
Economics