Suppose nominal GDP equaled $10,988 billion while the M2 money supply was $6,063 billion. What was the velocity of the M2 money stock?

A monopolistically competitive firm ________ in the long run

A) earns low but positive economic profits B) earns high economic profits C) earns zero economic profits D) incurs losses

Bubba's BBQ has fallen on some hard times. Bubba has analyzed his past revenue and cost information and knows that if he shuts down, he will incur an economic loss equal to $20,000 in remaining lease payments

Apparently, Bubba's current planning horizon is A) the short run because he still faces some fixed costs. B) the long run because he faces only variable costs. C) the short run because he faces only variable costs. D) neither the short run nor the long run because lease payments do not figure into cost determinations.