Any point inside the production possibility curve is:

The "quantity equation" states that nominal GDP is equal by the definition of velocity to the money supply ________ velocity

A) plus B) minus C) multiplied by D) divided by

Why is it important for consumers to know the change in relative price of a good or service they consume?

a. It allows them to calculate the actual rate of inflation. b. It helps them understand whether they are still getting the most “bang for their buck.” c. It allows them to calculate how much more expensive one good is compared to another. d. It helps them understand that any increase is due to inflation.