The relationship between quantity supplied and price is usually
A) an inverse relationship.
B) a direct relationship.
C) a negative relationship.
D) impossible to determine.
Answer: B
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If society can produce more of one good but must forgo some of another good to do so, it is definitely achieving
A) both production and allocative efficiency. B) only production efficiency. C) only allocative efficiency. D) neither production nor allocative efficiency. E) None of the above answers is correct because when society must forgo another good to produce more of one good, then society might be production efficient or it might be allocatively efficient.
The average number of times per year each dollar is used to transact an exchange is known as the:
a. liquidity of money. b. velocity of money. c. quantity theory of money. d. equation of exchange e. rapidity index