The M1 money supply is defined to be the sum of currency, traveler's checks, and:
A. checkable deposits.
B. Treasury bonds.
C. savings accounts.
D. large time deposits.
Answer: A
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What happens typically to a budget deficit during a recession?
A. It increases because of tax changes. B. It decreases because of spending decreases. C. It decreases automatically. D. It increases automatically.
Persistence is
A) the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth. B) the idea that the standard pattern of contraction—trough—expansion—peak occurs again and again in industrial economies. C) the tendency of many economic variables to move together in a predictable way over the business cycle. D) the idea that peaks and troughs of the business cycle occur at regular intervals.
Keynes suggested that the short-run aggregate supply (SRAS) curve
A) is vertical. B) is horizontal. C) slopes downward. D) is not a relevant concept.
Resource owners will supply additional units of a resource as long as
a. doing so increases their costs b. doing so increases production c. the quantity of the resource demanded exceeds the resource price d. resource users demand the resource e. doing so increases their utility