Typically the largest component of the narrowly-defined money stock in the United States, known officially as M1, is
A) commercial bank reserves.
B) currency in commercial bank vaults or the hands of the public.
C) demand deposits and savings deposits in commercial banks.
D) checking account deposits.
E) gold, silver, coins, and paper currency.
D
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A student who just graduated from college but has not found a job would most likely be
A) cyclically unemployed. B) frictionally unemployed. C) seasonally unemployed. D) structurally unemployed.
The Bretton Woods system was expected to be more stable than the gold standard because
A) the world supply of gold had increased greatly by the time the Bretton Woods system was established. B) large trade deficits and surpluses would be unlikely to occur under the Bretton Woods system. C) fewer countries were involved in the Bretton Woods system than had been involved in the gold standard. D) the IMF was set up to be a lender of last resort.
The definition of poverty that is based on percentage of median income recognizes that
a. poverty is a relative concept b. poverty has an important cultural component that goes beyond relationships between individual incomes c. there is a vicious circle of poverty that keeps the poor locked in poverty d. poverty is about real people e. income is a sufficient measure of economic well-being
Briefly describe the practice of resale price maintenance