Refer to the diagram. If this labor market is purely competitive, the wage rate and level of employment respectively will be:

Which of the following is true when the velocity of money falls?

a) an increase in the money supply will have less effect on nominal gross national product b) a change in the money supply will affect output only c) the fed will decrease the money supply d) output will be greater for a given money supply e) the public will increase its holdings of assets other than money

A critical function of the government in facilitating the operation of a market economy is

A) controlling the market prices of food items. B) ensuring an equal distribution of income to all citizens. C) producing goods and services for low-income households. D) setting up and enforcing private property rights.