The income velocity of money can be calculated using the following formula
A. V = M/(PY)
B. V = (MY)/P
C. V = (PY)/M
D. V = MY
E. none of the above
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A large decrease in the income tax rate will most likely cause
A. a fairly large increase in aggregate demand
B. a fairly small increase in aggregate supply
C. an increase in the price level
D. all of the above
E. none of the above
If nominal GDP is $12,600 billion and nominal money supply is $6,300 billion, then the income velocity of money is
A. V = $2 billion
B. V = 0.5
C. V = 2
D. V can only be determined if the price level is known
E. none of the above
If restrictive monetary policy leads to a lower price level but leaves real output, employment, and real interest rates unchanged, then
A. real money balances must be unchanged
B. it must have been accompanied by expansionary fiscal policy
C. it must have been accompanied by restrictive fiscal policy
D. money is said to be neutral
E. both A) and D)
Supply-side economics involves policy measures designed to
A. encourage technological progress
B. remove unnecessary government regulations
C. give investment tax credits to stimulate specific capital investments
D. all of the above
E. none of the above
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