Which measure of money would we most likely use if we were interested in looking at saving in the economy?
A. Hard money
B. M2
C. M1
D. Reserves
Answer: B
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In terms of the Phillips curve, the experience of the 1970s indicates that macro-policy
a. can permanently reduce unemployment if we are willing to tolerate higher inflation. b. can reduce unemployment in the long run if we are willing to tolerate higher inflation. c. may be able to reduce unemployment but cannot retard inflation. d. may be able to reduce unemployment in the short run, but there is little evidence that expansionary policies can reduce unemployment permanently.
In the case of oligopolistic markets, self-interest makes cooperation difficult and it often leads to an undesirable outcome for the firms that are involved
a. True b. False Indicate whether the statement is true or false
Which of the following is the best description of the production possibilities frontier (PPF)?
a. The PPF is a curve showing alternative combinations of goods that can be produced when available resources are used efficiently. b. The PPF is a curve showing the quantity of a good or service supplied by producers at each price level. c. The PPF is a curve showing the changes in output of a good or service brought about by changes in input usage. d. The PPF is a curve showing the different input combinations used to produce a particular good or service.
M1 is comprised of currency held outside banks + traveler's checks + __________
A) credit cards B) savings deposits C) gold D) checkable deposits E) money market mutual funds