The M1 definition of the money supply includes:
a. coins and currency in circulation.
b. coins and currency in circulation and checkable deposits.
c. Federal Reserve notes, gold certificates, and checkable deposits.
d. Federal Reserve notes and bank loans.
b
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As the number of firms in a market increases, the supply curve will shift to the right and the equilibrium quantity will rise
Indicate whether the statement is true or false
If society were to maximize the utility of its worst-off member, the final allocation would most likely be
A) relatively egalitarian. B) on the contract curve. C) Pareto-efficient. D) one in which one person gets everything.
Recent studies have shown increases in the minimum wage have significantly reduced employment of teenagers.
Answer the following statement true (T) or false (F)
Figure 6.9 depicts a hypothetical fish market with a horizontal supply curve. The consumer surplus at the new equilibrium with $2 tax is shown by:
A. Triangle A. B. Triangle A + Rectangle B. C. Rectangle B + Triangle C. D. Triangle C + Rectangle E.