The M1 money supply
a. is composed of assets that reflect the medium of exchange function of money.
b. is larger than the M2 money supply.
c. includes credit card balances since they are used to purchase things.
d. is composed of only currency.
A
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Refer to Figure 7.1. The benevolent social planner would want the outcome represented in the ________ box
A) upper left B) upper right C) lower left D) either A or C
When measuring GDP, economists count only the values of final goods and services because
a. the final value is taxable b. adding the values of intermediate products is too difficult a task c. the value of all intermediate products is automatically included in the value of those final goods d. intermediate products are overpriced e. the final cost is the selling price, which is what economists want to know
Most firms have very little flexibility in their choice of input proportions
a. True b. False Indicate whether the statement is true or false
For a profit-maximizing monopolist,
a. P > MR = MC. b. P = MR = MC. c. P > MR > MC. d. MR < MC < P.