If the amount of money in circulation is $50 million and nominal GDP is $150 million, then the velocity of money is:
a. 0.33

Rent seeking

a. is the attempt to find apartments in a rent-controlled city b. only makes sense in a monopolistically competitive industry c. is a zero-sum game because the public's loss is the rent seeker's gain d. is the expenditure of resources to obtain favorable treatment from government e. occurs because of cyclical majority

The way in which a country benefits from trade is that it can

A. obtain goods at lower opportunity cost than producing them itself. B. exploit economies of scale in production and lower the cost of goods it produces. C. obtain a wider range of goods than it can produce for itself. D. All of the above are benefits.