Let M = Money Supply; P = Price Level; V

question 94

Multiple Choice

Let M = money supply; P = price level; V = velocity; Y = real GDP. The equation of exchange is given by:

• A) M * P = V *Y.
• B) M * V = P * Y.
• C) M * Y = P * V.
• D) M * V = (1/ P) * Y.

Recognize the forms and schedules used in the tax filing process.

Understand the concept of tax audits and identify the most common type of audit for taxpayers.

Differentiate between the concepts of tax avoidance and tax evasion.

Identify and differentiate various types of taxes and their applications.