Managers experience bounded rationality when they focus narrowly on maximizing their firm's profits and ignore the broader perspective of society's preferences

An assumption used in the quantity theory of money is that

A) velocity is constant. B) the money supply is constant. C) nominal Gross Domestic Product (GDP) is constant. D) the price level is constant.

Which of the following functions of money would be violated if inflation were high?

A) store of value B) medium of exchange C) unit of account D) certificate of gold