If nominal GDP is $500 billion, velocity is $500 billion divided by the stock of money.
Answer the following statement true (T) or false (F)
True
Economics
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The short-run market supply curve in a price-taker industry equals the horizontal sum of the individual firm's
a. MC curves above AVC. b. AVC curves above marginal revenue. c. MC curves above ATC. d. MC curves between AVC and ATC.
Economics
In the 1960s and early 1970s, many economists and policymakers thought the Phillips curve was
A. interesting, but had no theory behind it. B. invalid and of no use to policymakers. C. of no interest in making macroeconomic policy. D. a “menu” of possible choices available to policymakers.
Economics