If real GDP is 10 trillion and the velocity of circulation is 2, the quantity of money :

If real GDP is 10 trillion and the velocity of circulation is 2, the quantity of money

A) is 2 trillion.
B) is 5 trillion.
C) is 20 trillion.
D) cannot be determined from the information given.

Ques. 2

The above figure shows the market for blouses. The government decides to impose the sales tax on sellers, as shown in the figure. Using the figure, what is the tax per blouse?

A) 10 per blouse
B) 20 per blouse
C) 30 per blouse
D) 40 per blouse

Ques. 3

The income distribution in the United States is

A) positively skewed.
B) negatively skewed.
C) bell-shaped
D) uniform.

Ques. 4

The figure above shows the market for milk. If 100 gallons of milk a day are available, the ________ price that consumers are willing to pay for the last gallon is ________.

A) maximum; 2.50
B) minimum; 3.00
C) maximum; 4.00
D) minimum; 4.00

Ques. 5

If the income elasticity for chocolate chip cookies is 1.84, then chocolate chip cookies are

A) a normal good and income inelastic.
B) a normal good and income elastic.
C) an inferior good and income inelastic.
D) an inferior good and income elastic.

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If real GDP is 10 trillion and the velocity of circulation is 2, the quantity of money :

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