M1 refers to:
A. the most narrowly defined money supply definition.
B. currency held by the public minus checking account balances.
C. the largest of the money-supply definitions.
D. M2 plus near monies.
Answer: D
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The area beneath a consumer's demand curve out to the quantity purchased represents
a. consumer's surplus. b. the region of mutual advantage. c. the total value of the consumer's purchases. d. the marginal value placed on the last unit consumed.
The effect of an import quota is
A) to shift the supply curve up by the amount of the quota. B) to lead to a decrease in demand. C) to make the supply curve vertical at the amount of the quota. D) to make the supply curve horizontal at the amount of the quota.
The output level produced by a profit-maximizing monopolist:
a. exceeds the level that would maximize social welfare. b. is allocatively efficient. c. is less than the level that would maximize social welfare. d. always results in economic profits in the long run.
______: 2 firms doing 2 activities. If combined produce more.
Fill in the blank(s) with the appropriate word(s).