Which of the following is NOT included using the transactions approach to measuring the money supply (M1)?
A. transaction deposits
B. currency
C. certificates of deposit
D. traveler's checks
Answer: C
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Which of the following would be shown on IBM's accounting statement?
a. revenue, implicit costs, explicit costs, and economic profit b. revenue, implicit costs, explicit costs, and accounting profit c. revenue, explicit costs, and economic profit d. revenue, explicit costs, and accounting profit e. revenue, implicit costs, and accounting profit
The change in price that results from a leftward shift of the supply curve will be greater if
A) the demand curve is relatively steep than if the demand curve is relatively flat. B) the demand curve is relatively flat than if the demand curve is relatively steep. C) the demand curve is horizontal than if the demand curve is vertical. D) the demand curve is horizontal than if the demand curve is downward sloping.
The payroll tax rate is 12.4% on an amount of income adjusted annually for inflation called the wage base (e.g., $97,500 for the year 2007). Half of the tax is withheld from the employee's pay with the other half being paid by the employer
How might this tax be viewed as regressive?
A monopoly firm is different from a perfectly competitive firm in that
A. there are many substitutes for the monopolist's product, whereas there are no close substitutes for the perfectly competitive firm's product. B. the monopolist's demand curve is perfectly inelastic, whereas the perfectly competitive firm's demand curve is perfectly elastic. C. the monopolist can influence price in the market, whereas the perfectly competitive firm is a price taker. D. All of these choices are true.