The equation of exchange states that the quantity of money
A) multiplied by the velocity of circulation equals nominal GDP.
B) divided by price level equals real GDP.
C) multiplied by nominal GDP equals the price level.
D) divided by nominal GDP equals real GDP.
A
Economics
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Governments can use price elasticity of demand to estimate how changes in excise tax rates will affect
a. income b. prices c. tax revenues d. government spending e. profits
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Scarcity arises because
A) resources are limited and are inadequate to meet all human wants. B) shortages occur in some markets. C) natural resources are abundant. D) some people do not behave in a rational manner.
Economics