If an Economy Produces 4,000 Units of Output with a Price

question 148

Multiple Choice

If an economy produces 4,000 units of output with a price level of $2 and with a velocity of money of 8, we know that the money supply must be:

• A) $1,000.
• B) $8,000.
• C) $2,000.
• D) $4,000.

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Definitions:

Social Inequality

The unequal distribution of resources, opportunities, and privileges among different social groups in a society.

Anti-Natalist

A philosophical stance or policy that opposes or expresses skepticism towards procreation and childbirth, often due to environmental, social, or personal concerns.

One-Child Policy

A population control policy of China, implemented in 1979 and officially phased out in 2015, which limited families to having only one child to curb the growth of its population.

Social Policy

A government's course of action intended to influence and determine decisions, actions, and other matters related to societal welfare and the well-being of its citizens.