In the equation of exchange, the nominal GDP is designated by:
A. PQ/M.
B. MV/P.
C. PQ.
D. MV.
C. PQ.
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A country has 6,000 total efficiency units of labor. If the average efficiency of each worker in the economy doubles, the country will have ________ efficiency units of labor, everything else remaining unchanged
A) 48,500 B) 36,000 C) 300 D) 12,000
The marginal utility per dollar that Harold Stratton receives from oranges is greater than the marginal utility per dollar Harold receives from pears. To maximize his utility, what should Harold do?
A) He should buy fewer pears and more oranges. B) He should buy fewer oranges and more pears. C) He should reduce his consumption of both oranges and pears so that he can buy a greater variety of goods. D) He should acquire more income so that he can afford to buy more oranges and pears.