Which of the following is part of M1?
I. currency in a bank's vault
II. cash in your wallet
III. checkable deposits
IV. traveler's checks`
A) I, II, III, and IV
B) I, II, and III
C) II and III
D) II, III, and IV
Ans: D) II, III, and IV
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The above table shows Tammy's total utility from videos and CDs. If Tammy has $110 to spend on videos and CDs and if the price of a video is $10 and the price of a CD is $20, then Tammy maximizes her utility by purchasing
A) 3 CDs and 5 videos. B) 5 CDs and 1 video. C) 4 CDs and 3 videos. D) none of the above.
For which of the following goods is the income elasticity of demand likely highest?
a. tennis lessons b. allergy medication c. clothing d. cell phone contracts
Given the utility-optimizing rule and the presence of diminishing marginal utility for a good
A) the demand curve for the good will be vertical. B) there will not be a well-defined demand curve. C) there will not be a substitution effect. D) the demand curve for the good will be negatively sloped.
Refer to the short-run information provided in Figure 8.5 below to answer the question(s) that follow. 
Figure 8.5 Refer to Figure 8.5. If six drones are produced, average variable costs are
A. $2.50. B. $5. C. $10. D. $13.33.