The smallest single component of M1 is:
A. demand deposits.
B. savings account balances.
C. other checkable deposits.
D. traveler's checks.
Answer: D
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If real GDP is less than nominal GDP and prices have not changed from the base-year prices, then production must have declined
Indicate whether the statement is true or false
Product differentiation is what allows monopolistically competitive firms to have some market power.
Indicate whether the statement is true or false.
In the open-economy macroeconomic model, other things the same, which of the following both make the exchange rate fall?
a. U.S. investment demand falls and foreign demand for U.S. goods falls b. U.S. investment demand falls and foreign demand for U.S. goods rises c. U.S. investment demand rises and foreign demand for U.S. goods falls d. U.S. investment demand rises and foreign demand for U.S. goods rises
Aggregate income is the sum of:
A. employee compensation, rent, and profits. B. employee compensation, rent, profits, interest, and transfer payments. C. employee compensation and profits. D. employee compensation, rent, profits, and interest.