If v and m are constant and y doubles, the quantity equation implies that the price level

Updated on August 13, 2022

If Y and V are constant, and M
doubles, the quantity equation implies that the price level

Select one:

a. changes but less than doubles.

b. more than doubles.

If V and M are constant, and Y
doubles, the quantity equation implies that the price level

Select one:

a. falls to half its original level.

b. doubles.

c. does not change.

d. more than doubles.

Question text

If Iowa’s opportunity cost of corn is lower than Oklahoma’s
opportunity cost of corn, then

Select one:

a. Iowa has an absolute advantage in the production of corn.

b. Iowa has a comparative advantage in the production of
corn.

c. Oklahoma should produce just enough corn to satisfy its own
residents’ demands.

d. Iowa should import corn from Oklahoma.

Given full-employment output = $2,800, short-run equilibrium output = $2,500, and MPS = 0.25 (MPC=0.75), which of the following changes would most likely bring the economy to a full-employment

level of national output?