Provide a Short Answer to Each of These Questions

question 37

Essay

Provide a short answer to each of these questions. Be sure to fully explain your answer.
-Discuss and evaluate the Rawls principle of justice provided in the textbook.

Understand the basic concepts and assumptions of the quantity theory of money.

Grasp the relationship between money supply (M), velocity of money (V), price level (P), and real output (Q) in determining GDP.

Differentiate between the crude and sophisticated quantity theories of money.

Recognize the importance of velocity of money in economic transactions and its calculation.

---

Definitions:

Caudal

Pertaining to the tail or the posterior part of the body.

Cephalic

Pertaining to the head or the cranial region of the body.

Splenius

A group of muscles in the back of the neck and upper back that helps in moving and stabilizing the head.

Longissimus Dorsi

A muscle in the back that is part of the erector spinae group, helping to extend, flex, and rotate the spine and neck.