Which of the following identities describe the equation of exchange?
a. Money in circulation × prices = velocity × income
b. Money in circulation × income = velocity × prices
c. Real GDP = money in circulation × velocity
d. Nominal GDP = money in circulation × velocity
e. Real GDP = prices × money in circulation × velocity
d
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The market value of domestic production is equal to the total expenditure on domestic agents:
A) plus the expenditure of foreign agents on exports minus gross investment by the foreign firms. B) plus the expenditure of foreign agents on exports minus domestic expenditure on imports. C) plus domestic expenditure on imports. D) plus domestic expenditure on imports minus the expenditure of foreign agents on exports.
Why is data an essential component of the scientific method?
What will be an ideal response?