Which of the following items is included in the M1 money supply?
A) $10 bills in the Bank of America
B) a $5,000 student loan granted to a U.S. citizen
C) coins in a Pepsi vending machine, waiting to be used as change
D) a $5,000 line of credit on a newly graduated student's credit card
E) $1,500 in a student's saving account
C
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The optimal consumption bundle is the point representing a consumption-leisure pair that is on the
A) lowest possible indifference curve and is on or outside the consumer's budget constraint. B) lowest possible indifference curve and is on or inside the consumer's budget constraint. C) highest possible indifference curve and is on or outside the consumer's budget constraint. D) highest possible indifference curve and is on or inside the consumer's budget constraint.
Suppose that in a month the price of pizza increases from $4 to $5. At the same time, the quantity of pizzas demanded decreases from 200 to 190. The price elasticity of demand for pizza (calculated using the midpoint formula) is:
A. zero. B. inelastic. C. unit elastic. D. elastic.
Relative to a competitively organized industry, firms acting collusively are more likely to produce
A. more output; charge higher prices, and earn economic profits. B. less output, charge lower prices, and earn economic profits. C. less output, charge lower prices, and earn only a normal profit. D. less output, charge higher prices, and earn economic profits.
Refer to the diagram and assumptions. If a union is formed in sector 1 and the union increases the wage rate from W n to W u , then employment will:
These two graphs show two sectors of the labor market for a particular kind of
labor. Relevant product markets are competitive. The two labor demand curves are identical and initially the quantities of labor employed in the two sectors are L 1 and L 1 and the wage rate in each sector is W n
A. decrease, but we cannot determine by how much.
B. decrease by 0L 2 in sector 1.
C. decrease by L 1 L 2 in sector 1.
D. increase by L 1 L 2 in sector 1.