If nominal GDP = $15 trillion and the quantity of money is $3 trillion, what is the velocity of circulation?

The quantity theory of money and prices assumes

A) the price level is increasing at a constant rate. B) the price level is constant. C) real output is constant. D) velocity is constant.

When the cost of producing a product is paid, at least in part, by someone other than the producer, the cost is referred to as

A) an external cost. B) an external profit. C) an external benefit. D) an external/internal cost. E) a public cost.