The most liquid measure of money supply is
A) M0. B) M1. C) M2. D) M3.
B
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Why is economics called an empirical science?
A) because economics has been used to both create and destroy empires B) because economics uses impressions to evaluate the usefulness of its models C) because economics relies on real-world data to determine the usefulness of a model D) because economics utilizes intuition rather than data to evaluate a model's worth
What is a budget line? What does its slope indicate?
If a price is above equilibrium,
A. A surplus will cause the price to fall and the quantity supplied to decrease. B. A surplus will cause the price to fall and the quantity supplied to increase. C. A shortage will cause the price to fall and the quantity supplied to decrease. D. A shortage will cause the price to rise and the quantity supplied to increase.
Based on the diagram above, what is the difference between the purely competitive level of output and the pure monopolist level of output?
A. 50 units of output B. 100 units of output C. 10 units of output D. 20 units of output