The narrowest definition of money is:
A. hard money.
B. M1.
C. M2.
D. L.
A. hard money.
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A dominant strategy:
A. exists in every game. B. is the best one to follow no matter what strategy other players choose. C. is always the same for all players of a game. D. awards the highest achievable payoff in a game.
People find it difficult to get along without necessities, therefore demand for necessities:
A. Is relatively elastic. B. Is relatively inelastic. C. Is relatively unitary elastic. D. Does not change with changes in price.
Do bankers create money?
A. No, they cannot do this as private businesses. B. No, they are prevented by federal law. C. Yes, they create money through multiple deposit creation. D. Yes, they create money by opening checking accounts for customers.
As a firm hires more labor in the short run, the
A) level of total product stays constant. B) output per worker rises. C) extra output of an additional worker may rise at first, but eventually must fall. D) costs of production are increasing at a fixed rate per unit of output.