Currency (paper money plus coins) constitutes about:
A. 24 percent of the U.S. M1 money supply.
B. 45 percent of the U.S. M1 money supply.
C. 51 percent of the U.S. M1 money supply.
D. 55 percent of the U.S. M1 money supply.
B. 45 percent of the U.S. M1 money supply.
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Suppose the current unemployment rate is 5 percent, the labor force is 400 million people, the labor force participation rate is 80 percent and the working-age population is 500 million people. What number of people are unemployed?
What will be an ideal response?
How do we know when a market is contestable?
What will be an ideal response?
Answer the following statements true (T) or false (F)
1. If a firm produces zero output in the short run, then its profits will also be zero. 2. In the long run, a firm can increase its output quantity, but it will be limited by the size of its existing production plant. 3. When diminishing marginal returns starts occurring, the addition of successive units of a variable resource to a fixed resource will cause the firm's production to diminish. 4. Over the range of positive, but diminishing, marginal returns for an input, the total product curve increases at a decreasing rate. 5. If the average product of labor equals 4 at all levels of output, the marginal product of labor is also equal to 4 at all levels of output.
Which of the following is not a characteristic of long-run equilibrium in a monopolistically competitive market?
A) Production is at minimum average total cost. B) Marginal revenue equals marginal cost. C) Selling price equals average total cost. D) Selling price is greater than marginal cost.