Even economists have no single, precise definition of money because
A) money supply statistics are a state secret.
B) the Federal Reserve does not employ or report different measures of the money supply.
C) the "moneyness" or liquidity of an asset is a matter of degree.
D) economists find disagreement interesting and refuse to agree for ideological reasons.
C
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About 46 percent of M1 is composed of
A) demand deposits. B) money market mutual funds. C) savings deposits. D) currency held by the public.
Which of these is not a beneficial supply shock?
a. An abundant harvest that increases food supplies b. The discovery of natural resources c. Reductions in business taxes d. Technological advances e. Establishment of the Occupational Safety and Health Administration (OSHA)
The fundamental reason why most supply curves are upward sloping is that
A) consumers substitute lower-priced goods for higher-priced goods. B) the quantity supplied increases as more firms enter the market. C) a higher price never reduces quantity supplied by enough to lower total revenue and so higher production is motivated. D) higher production raises the opportunity costs of production and so price must rise to induce more output.
The introduction of word processing software that increases the demand for workers with computer skills relative to those without such skills is an example of:
A. skill-biased technological change. B. the diminishing marginal product of labor. C. increasing reservation prices. D. globalization.