Which of the following is NOT included in M1?
A. transaction deposits
B. currency
C. traveler's checks
D. saving deposits
Answer: D
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If OPEC is an effective cartel,
a. price changes are dictated by changes in demand. b. output changes are dictated by changes in demand. c. members agree on output quotas. d. all of these.
If a price ceiling is imposed, then:
a. the market supply curve will shift to the right. b. the market demand will shift to the left. c. a shortage of product will result. d. the government would be required to buy-up the surplus product. e. the market equilibrium price is below the level the government wishes to achieve.
The natural rate hypothesis implies that the long-run Phillips curve will be:
a. downward-sloping. b. upward-sloping. c. vertical. d. horizontal.
One way developing countries have been able to break into the world export market is by
A. joining international export cartels and creating monopoly in the export market. B. using Import-Substituting Industrialization (ISI) to force exports by limiting imports. C. becoming locations for low-cost assembly of more technologically advanced products. D. carrying out extensive research and development giving impetus to high technological progress.