"Near monies" are:
a. included in the M1 definition of the money supply
b. highly liquid assets that are close substitutes for money.
c. stocks, bonds, and real estate.
d. U.S. notes and Federal Reserve notes.
b
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If Federal Reserve notes and coins are $765 billion, and banks' reserves at the Fed are $8 billion, the gold stock is $11 billion, and the Fed owns $725 billion of government securities, what does the monetary base equal?
A) $765 billion B) $773 billion C) $776 billion D) $744 billion E) $1,509 billion
China's exchange rate system from 1994 through 2005 is an example of
A) a flexible exchange rate system. B) a fixed exchange rate system. C) a managed float exchange rate system. D) the Bretton Woods System. E) a floating exchange rate system.
If the demand for a life-saving drug was perfectly inelastic and the price doubled, the quantity demanded would
A) also double. B) remain constant. C) decrease by 50%. D) be cut in half.
Federal Reserve notes are _____
a. checks b. commodity money c. coins d. backed by gold e. fiat money