An official measure of money in the United States is M1, which includes the sum of
A) checkable deposits plus small time deposits.
B) currency plus checkable deposits.
C) currency plus credit card transactions.
D) currency plus traveler's checks plus time deposits.
E) currency plus traveler's checks plus checkable deposits plus small time deposits plus money market funds and other deposits.
B
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A few years ago, you bought a bond with no expiration and a fixed annual interest payment of $1,000 at a price of $10,000. If the interest rate in the economy is now 12.5% a year and you want to sell the bond, the maximum price that you can get for it is
A. $7,500. B. $12,500. C. $9,750. D. $8,000.
If a small percentage change in the price brings a very large percentage change in the quantity supplied, then the supply is almost perfectly ________ and the supply curve is almost ________
A) elastic; vertical B) elastic; horizontal C) inelastic; horizontal D) inelastic; vertical E) elastic; 45 degrees
In the Cournot model, the output that a firm chooses to produce increases as
A) the total output of other firms increases. B) the number of firms in the market increases. C) the number of firms in the market decreases. D) its marginal cost increases.
Some call the Great Recession the:
A. period of high inflation that took place in the early 1970s. B. period of economic stagnation that took place in the early 1990s. C. recession that began in 2007 due to the decline in consumer spending when the housing bubble burst. D. period when the economy does not grow for four consecutive quarters.