The U.S. money supply measure that consists of currency plus travelers checks and check able deposits is referred to as
a. M1.
b. M2.
c. M3.
d. M1 + M2.
a. M1.
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A shortage occurs when price is higher than the market equilibrium.
Answer the following statement true (T) or false (F)
Income taxes are taxes paid on wages and investment income
Indicate whether the statement is true or false
New classical economists contend that an unexpected increase in the money supply will:
a. increase the unemployment rate in the short run. b. reduce the unemployment rate in the short run. c. cause no short-run change in the unemployment rate. d. reduce the unemployment rate in the long run. e. increase the unemployment rate in the long run.
If a firm faces a horizontal demand curve, marginal revenue
a. is constant regardless of how much output the firm produces b. decreases as the firm produces more output c. increases as the firm produces more output d. decreases if the firm produces less output e. is less than price at most possible output levels