Which of the following would not be considered money in the hands of the public?
a. cash hidden under a mattress
b. a bank's vault cash
c. cash in the cash register of a hardware store
d. cash stored in the hardware store's vault
e. cash in your wallet
B
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The income effect results in consumers increasing the quantity of normal goods demanded when the price falls
Indicate whether the statement is true or false
The price of a barrel of oil doubled between 2007 and the middle of 2008. To make matters worse, a financial crisis hit the U.S. economy starting in August of 2007. Which of the following is TRUE of the Chinese experience?
A) The worldwide decline in demand led to a collapse of Chinese exports. B) Instead of relying solely on the economy's self-correcting mechanism, much more aggressive fiscal expansions than those of the U.S. (in addition to a substantial monetary easing) served to shift the AD curve back to general equilibrium relatively quickly. C) The Chinese economy was better able than the U.S. economy to weather the financial crisis with output growth starting to grow earlier and more quickly than that of the U.S. D) All of the above. E) None of the above.
Economies of scale exist whenever long-run average costs:
a. Increase as output is increased b. Remain constant as output is increased c. Decrease as output is increased d. Decline and then rise as output is increased e. None of the above
Which of the following is generally an opportunity cost of investment in human capital?
a. future job security b. forgone present wages c. increased earning potential d. All of the above are correct.