The quantity theory of money states that increases in the money supply result in proportional increases in real GDP

The GDP of Country X and Country Y were found to be equal in a particular year. However, the income per capita of Country X was higher than the income per capita of Country Y. This implies that ________

A) the population of Country X is higher than the population of Country Y B) the number of workers in country X is higher than the number of workers in Country Y C) the population of Country X is lower than the population of Country Y D) the number of workers in country X is lower than the number of workers in Country Y

In the long run

a. all inputs are fixed. b. all inputs are variable. c. some inputs are fixed. d. production levels never change.