From 2004 to 2007, the growth rates of M1 and M2
A) were identical.
B) both increased but at different rates.
C) both decreased but at different rates.
D) moved in opposite directions.
D
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First-mover advantage is a characteristic of
a. A simultaneous-move game b. A dominant strategy c. A sequential-move game d. A Nash equilibrium
Producers are willing and able to offer greater quantities for sale at higher prices because
a. they have the incentive to pay the increasing opportunity cost of resources to attract them from alternative uses b. they will decrease their profits by expanding production at higher prices c. the government orders them to do so d. lower prices attract new firms, which have higher costs of production e. they hire superior quality, higher-priced resources as production expands
Under pure monopoly, a profit-maximizing firm will produce:
A. in the inelastic range of its demand curve. B. in the elastic range of its demand curve. C. only where marginal revenue is zero. D. only where total costs are zero.
The basic coordinating mechanism in a free-market system is
A. the corporation. B. a central government authority. C. price. D. quantity.