Quantecon Is a Country in Which the Quantity Theory of Money

question 34

Multiple Choice

Quantecon is a country in which the quantity theory of money operates. The country has a constant population, capital stock, and technology. In year 1, real GDP was $400 million, the price level was 200, and the velocity of circulation was 20. In year 2 the quantity of money was 20 percent higher than in year 1.
The quantity of money in year 1 was ________.
The quantity of money in year 2 was ________.
The price level in year 2 is ________.

• A)$20 million; 24 million; 240
• B)$20 million; $24 million; 220
• C)$40 million; $48 million; 240
• D)$40 million; $48 million; 220
• E)$80 million; $88 million; 200

Distinguish between voluntary response sampling and convenience sampling.

Understand the importance of pilot testing in survey design.

Recognize the differences in sampling for demographic versus opinion surveys.

Understand the process and importance of obtaining a representative sample.

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Definitions:

Electronic Recording

The capturing and storing of information in digital form, often used in contexts like surveillance, music, or legal transcripts.

Modern Hospital

A healthcare institution providing patient treatment with specialized medical and nursing staff and medical equipment.

Sociologically

Pertaining to the study of social behavior, patterns, and functions of human society, focusing on how people interact within various contexts.

Historically

Pertaining to events, situations, or conditions of the past.