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The equation of exchange is given by , where is the money supply, is the velocity of money, is the economy’s price level, and is real GDP. Suppose the following diagram shows the current aggregate demand (AD) and aggregate supply (AS) curves in a hypothetical economy. AD AS 0 1 2 3 4 5 6 12 10 8 6 4 2 0 PRICE LEVEL REAL GDP (Trillions of dollars) AD AS What is the nominal GDP of this economy? $24 trillion $36 trillion $18 trillion $3 trillion $12 trillion $30 trillion If the velocity of money is 3, the money supply in this economy is . Shift the AD curve in the diagram to show the effects of an increase in the money supply. Based on the new price level, what must the new money supply be in the long run if the velocity of money remains at 3? $40 trillion $25 trillion $20 trillion $10 trillion Because , the percentage increase in the price level is the percentage increase in the money supply. This illustrates the .
q.suppose that a person regards ham and cheese as pure complements- he or she will always use a slice of ham in
Health officials have suggested that the spread of AIDS can be partly contained if more males use condoms.
Past history says that tomorrow's demand for lettuce averages 250 boxes with a standard deviation of 34 boxes. Explain how many boxes of lettuce should the supermarket purchase tomorrow.
As a result of the United States suspending gold sales to foreign countries in 1968,
An insurance market may fail to exist due to asymmetric information and adverse selection that results from it. Suppose that state law prevents car buyers from taking the offered car for independent quality verification for fear of discrimination tow..
Analyze the current health care delivery structure in your state (Tennessee). Compare and contrast the major determinants of healthcare market power. Analyze the main competitive forces in the your healthcare delivery system in your state.
In World War II, a German POW camp guard exchanged bread and chocolate with prisoners at the rate of one loaf for one chocolate bar. Inside the POW camp, the price was 15 cigarettes per chocolate bar, and 40 cigarettes per loaf of bread. Is there an ..
Americans pay $30 billion a year I health care costs associated with smoking? How would those expenditures affect GDP? Why business managers should know economics? Explain giving reasons? Does foreign direct investment help to poor countries?
Home and Foreign both produce cars and food using labor and capital. In each country, labor and capital are both freely mobile across industries. It takes 5 units of labor and 3 units of capital to produce 1 unit of food, and 4 units of labor and 4 u..
Expalin, with the use of demands and supply, the difference between a chance in quantity demanded of hats and a chance in quantity demanded for hats.
Assume that there are 10 million workers in Canada also that each of these workers can manufacture
If an allocation of economic resources is not efficient, then some of the potential gains from trade among buyers and sellers are not being realized. Explain why an allocation is inefficient if a good is not being produced by the sellers with the low..
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