What are the components of M2?
What will be an ideal response?
money market mutual funds; deposits in savings accounts; small time deposits; M1
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When income rises
A) demand for a normal good rises. B) demand for a normal good falls. C) demand for an inferior good rises. D) quantity of a normal good demanded rises.
Why does the price level in a perfectly competitive market move toward the zero-profit point?
a. Because firms enter and exit the market in response to gains and losses b. Because short-run losses reverse the effects of long-run gains c. Because profitable firms increase short-run productivity d. Because firms operate below the average cost curve
According to neo-Keynesians, the long-run Phillips curve is essentially horizontal
Indicate whether the statement is true or false
Refer to the diagram below of three demand curves for coffee. An increase in the price of coffee, other factors constant, would cause a:
A. Shift from D1 to D3
B. Shift from D1 to D2
C. Movement from point a to point b
D. Movement from point b to point a