Which of the following forms of money is the least liquid?
A. dollars
B. checking account deposits
C. passbook savings
D. certificates of deposit
Answer: D
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A good with an income elasticity of 0.4 is:
A. a luxury good. B. a normal good. C. an inferior good. D. a substitute good.
What is price elasticity of demand? Why is it significant?
Lucy quit her job because she was unhappy at work. Genevieve was fired because she frequently surfed the Internet rather than working on her assigned tasks. Who is eligible for unemployment insurance benefits?
a. both Lucy and Genevieve b. Lucy but not Genevieve c. Genevieve but not Lucy d. neither Lucy nor Genevieve
Assume that the marginal propensity to save is 0.2. If we consider the multiplier effect and hold all the other factors, a $200 billion income tax cut can increase the real GDP totally in the long run by
a. $40 billion b. $250 billion c. $800 billion d. $1 Trillion