Traveler's checks are
A. included in M1 and M2.
B. not included in M1.
C. not money.
D. not included in M2.
Answer: A
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Economics is best defined as the study of how people, businesses, governments, and societies
A) choose abundance over scarcity. B) make choices to cope with scarcity. C) use their infinite resources. D) attain wealth.
Consumption depends on:
A. total income. B. disposable income. C. pre-tax income. D. Consumption is unrelated to income.
Assume that the price elasticity of demand is ?0.75 for a certain firm's product. If the firm lowers price, the firm's managers can expect total revenue to:
A. remain constant. B. decrease. C. increase. D. either increase or remain constant, depending upon the size of the price decrease.
In the long run, perfectly competitive firms achieve:
A) allocative and productive efficiency. B) allocative efficiency, but not productive efficiency. C) productive efficiency, but not allocative efficiency. D) neither allocative nor productive efficiency