What is money?
What will be an ideal response?
Money is any medium that is universally accepted in an economy by sellers of goods and services as payments for the goods and services and by creditors as payment for debts.
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The Board of Governors of the Federal Reserve System is
A) elected by the public. B) elected by members of the American Banking Association. C) appointed by the Congress. D) appointed by the President with approval of the U.S. Senate.
Which of the following is FALSE?
a. Increase production if MR>MC b. Produce where MR=MC c. Average cost is total cost per unit of production d. Produce where MR=AC
The M1 money supply is composed of
A. all coins and paper money held by the general public and the banks. B. bank deposits and mutual funds. C. checkable deposits and currency in circulation. D. bank deposits of households and business firms.
The general trend in the S&P 500 stock index since 1948 has been
A. flat. B. increasing. C. there has been no trend but it has been very volatile. D. decreasing