According to the quantity theory of money, if an economy produces 5,000 units of output, its money supply equals $40,000 and the velocity of money equals one, then the price level will equal:

How do rationally ignorant voters and budget maximizing bureaucrats prevent the political marketplace from delivering the efficient quantity of a public good?

What will be an ideal response?

Which of the following determines equilibrium wages in perfectly competitive labor markets?

a. The government. b. Monopoly employers. c. Where the supply and demand of labor are equal. d. The requirements of a living wage.