A series of bank runs in a country should have no effect on M1 as money simply moves from checking deposits to currency
Indicate whether the statement is true or false
FALSE
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In a perfectly competitive market, one farmer's barley is
A) completely different from another farmer's barley. B) a perfect substitute for another farmer's barley. C) a monopolized product in that farmer's local market. D) a monopolized product in the national market. E) slightly different from another farmer's barley.
In the economic way of thinking, the identification of wealth with material objects
A) is at the foundation of modern capitalism. B) is good economics but antithetical to religious precepts. C) is usually rejected by socialists. D) must be rejected because it makes no sense.
Forecasts based on an economic theory as opposed to historical data are called
A) causal econometric forecasts. B) non-time-series forecasts. C) dummy forecasts. D) explanatory variable forecasts.
When economists compare monopoly to the monopolistic competitive market, they show that the latter generates
a. fewer choices for consumers b. higher prices for consumers c. higher economic profit (the sum of the economic profit of all firms) d. less output because monopolies are more efficient e. lower prices for consumers