The _________ money supply includes less liquid forms of money such as time deposits, certificates of deposit, and money market funds.
a. M2
b. M1
c. M3
d. real
a. M2
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The general set of rights to own private property and exchange goods, services, and financial assets with minimal government interference is defined as
A) capitalism. B) market socialism. C) economic freedom. D) economic privilege.
In what way is the result of an excise tax imposed on either demanders or suppliers similar to the result of a price floor?
a. The amount that consumers pay for the good will be less than they previously paid b. The amount of the good that will be traded in the market will be greater than previously traded c. both price floors and excise taxes create excess demand d. The amount that consumers pay for the good will be greater than they previously paid e. Both price floors and excise taxes create excess supply
Figure 11-4
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In Figure 11-4, if the cheese industry and the cracker industry have the indicated quantities of capital and labor and are on the indicated production indifference curves, is there the possibility of mutually beneficial trade in inputs? Explain.
What will be an ideal response?
Wages set above the equilibrium wage by
a. firms to increase morale are called collective bargaining wages. b. lawmakers to decrease cyclical unemployment are called minimum wages laws. c. firms to increase productivity are called efficiency wages. d. lawmakers to decrease the length of a job search are called efficiency wages.