The transactions approach to measuring M1 includes all of the following EXCEPT
A) traveler's checks.
B) certificates of deposit.
C) checking accounts.
D) currency.
B
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The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. Based on the data in the table, production of fertilizer has
A) external benefits. B) external costs. C) no externalities. D) constant returns to scale.
A lump-sum tax:
A. charges the same amount to each taxpayer, regardless of economic behavior or circumstances. B. refers to annual, rather than quarterly tax payments throughout the year. C. is tied to spending habits, not income levels. D. is tied to income levels, not spending habits.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
Figure 11.2Figure 11.2 shows demand and costs for a monopolistically competitive firm. At the profit maximizing output level:
A. the firm is earning a positive economic profit and more firms are expected to enter the market. B. the firm is earning a zero economic profit and no firms are expected to enter the market. C. the firm is earning a negative economic profit and more firms are expected to leave the market. D. There is not sufficient information.