The monetary base consists of:
A) currency plus reserves.
B) currency plus required reserves.
C) currency plus excess reserves.
D) currency plus demand deposits.
A
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Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts increases from $15 to $20
A) producer surplus will rise from $13 to $28. B) there will be a surplus of polo shirts. C) the marginal cost of producing the third polo shirt will increase to $20. D) consumers will buy no polo shirts.
An outward shift of a nation's production possibilities frontier can occur due to
A) a natural disaster like a hurricane or bad earthquake. B) a change in the amounts of one good desired. C) an increase in the labor force. D) a reduction in unemployment.
Refer to Figure 11-5. The vertical difference between curves F and G measures
A) sunk costs. B) average fixed costs. C) marginal costs. D) fixed costs.
As long as marginal cost is below average cost, average cost will be
a. falling b. rising. c. constant. d. changing in a direction that cannot be determined without more information