Traveler's checks are included in:
A. M1 only.
B. M2 only.
C. both M1 and M2.
D. neither M1 nor M2.
Answer: C
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Refer to Figure 17-4. Which of the following is true at W2?
A) The supply curve is positively sloped. B) The income effect and the substitution effect are equal. C) The substitution effect is larger than the income effect. D) The income effect is larger than the substitution effect.
If real estate prices are expected to drop, all else equal, the demand for bonds ________ and the interest rate_______
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
Define the following terms and explain their importance to the study of macroeconomics:
a. money b. M1 c. near money d. bank run
If a competitive market is at equilibrium, and if there is a sudden increase in demand, then a temporary
a. surplus will occur and the price will increase. b. shortage will occur and the price will fall. c. surplus will occur and the price will fall. d. shortage will occur and the price will increase.