If an economy has a velocity of circulation of 3, then
A) the quantity of money is 3 times real GDP.
B) in a year the average dollar is exchanged 3 times to purchase goods and services in GDP.
C) nominal GDP is 1/3 the size of the quantity of money.
D) the quantity of money is $3 for every dollar of GDP.
B
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In the late 1960s, the Friedman-Phelps "natural rate hypothesis" predicted from the microeconomic structure of the labor market that the long-run Phillips Curve is ________, while macroeconomic events caused a very ________ acceptance of this ch
in aggregate supply theory. A) horizontal, rapid B) horizontal, gradual C) vertical, rapid D) vertical, gradual
The best option to control the behavior of a natural monopoly is to use public ownership of the monopoly
a. True b. False Indicate whether the statement is true or false