The portfolio demand for money reflects:
A. the money we hold for our everyday transactions.
B. the money we hold for our everyday transactions and the money we hold to purchase stocks and bonds and other financial securities.
C. the portion of wealth people desire to hold in the form of money.
D. the money we hold to purchase stocks and bonds and other financial securities.
Answer: C
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In games with more than three players, the vertical axes measure
A) the number of players. B) payoffs. C) time. D) all of the above
According to information in the textbook, in the early West, many of the open lands were overgrazed. This was largely because
A. landowners charged ranchers a fee to graze their cattle. B. the lands were unowned. C. a government policy in effect at the time subsidized cattle production. D. none of the above
When resource prices are negotiable, the long-run aggregate supply curve is represented by: a. an upward-sloping line b. a downward-sloping line c. a vertical line at potential output
d. a horizontal line at the actual price level. e. a horizontal line at the expected price level.
Schumpeter hypothesized that monopolies
a. do not maximize profits b. advertise extensively to keep out new entrants c. may charge a lower price than the price generated in a perfectly competitive market d. usually experience constant returns to scale e. have higher costs than smaller firms