If an individual possesses an ability that others cannot acquire, payment to that individual is
a. partly economic rent.
b. a return called the real wage.
c. a return from investment in human capital.
d. comparable to the return to well-trained nurses.
a
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Since classical economists believe that both V and Q are constants for an economy in short-run equilibrium, the equation of exchange becomes a theory in which:
A. the quantity of money explains prices. B. the quantity of money explains velocity. C. the quantity of money explains real GDP. D. changes in M cause changes in V.
An increase in the price level might cause:
A. a decrease in the quantity of aggregate demand because of the substitution effect. B. a decrease in the quantity of aggregate demand because of the interest rate effect. C. an increase in the quantity of aggregate demand because of the multiplier effect. D. an increase in the quantity of aggregate demand because of the money wealth effect.