From the data in the above table, GDP equals

Suppose the supply of diamonds is relatively inelastic. A tax on diamonds would generate a

a. large DWL and the burden of a tax would fall on the buyer of diamonds. b. small DWL and the burden of a tax would fall on the buyer of diamonds. c. large DWL and the burden of a tax would fall on the seller of diamonds. d. small DWL and the burden of a tax would fall on the seller of diamonds.

In the equation of exchange, the concept that provides the link between M and PY is called

A) the velocity of money. B) aggregate demand. C) aggregate supply. D) the money multiplier.