Which of the following components is not included in the M2 definition of money?
A. Bonds
B. M1
C. Savings and money market accounts
D. Small-denomination time deposits
Answer: A
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The demand and supply schedules for pizza are in the table above. If the government sets a maximum legal price of $2 per slice of pizza, then
A) there is a shortage of 20 slices of pizza. B) this maximum price is an example of a price floor. C) this maximum price is an example of a price ceiling. D) Both answers A and C are correct. E) Both answers B and C are correct.
Economists believe the most persuasive argument for protectionism is to
A) protect high wages. B) save jobs. C) protect infant industries. D) protect national security.
Buyers' expenditures and sellers' revenues are always identical
a. True b. False Indicate whether the statement is true or false
Louise Bakery sells cupcakes that have an equilibrium price of $5.00 per cupcake and an equilibrium output of 300 cupcakes. Which of the following is likely to be true when the government imposes a tax of $0.75 per cupcake? a. Producer and consumer surplus will increase. b. Producer and consumer surplus will decline. c. Equilibrium price will decrease
d. Equilibrium output will increase.