Savings deposits are included in
A. M1 but not M2.
B. M2 but not M1.
C. M1 and M2.
D. None of the above is correct.
Answer: B
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Scarcity and shortages differ in that
A) scarcity is caused by natural disasters and shortages are caused by mistakes people make. B) scarcity is a condition of human life while shortages are usually temporary phenomena related to an imbalance between the amount desired and the amount produced. C) scarcity is a type of shortage but shortage is a broader concept. D) shortages apply to resource markets while scarcity applies to product markets.
Which of the following is a transfer payment? I. Social Security II. Unemployment benefits
A) I only B) II only C) Both I and II D) Neither I nor II
The maximum price pipelines can charge for distributing gas:
a. is determined in a monopolistic market. b. depends on the market demand and supply. c. is set by the federal government. d. is always above the legal minimum.
The estimated demand for a good is
= 25 - 5P + 0.32M + 12PRwhere Q is the quantity demanded of the good, P is the price of the good, M is income, and PR is the price of related good R. If the price of the good falls by $4, the quantity demanded will ________ by ________ units.
A. increase; 50 units B. decrease; 12 units C. increase; 20 units D. increase; 48 units E. increase; 5 units