The M1 measure of the money supply equals
A) currency plus checking account balances plus traveler's checks plus savings account balances.
B) currency plus checking account balances plus traveler's checks.
C) currency plus checking account balances.
D) paper money plus coins in circulation.
B
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The above figure displays
A) income-inequality curves. B) Gini Coefficients. C) Lorenz curves. D) Laffer curves.
Assume the market is in equilibrium in the graph shown at demand D and supply S2 (at a quantity of 6). If the supply curve shifts to S1, and a new equilibrium is reached (at a quantity of 4), which of the following is true?
A. Total surplus would increase by $7.50.
B. Total surplus would decrease by $16.50.
C. Total surplus would increase by $32.
D. Total surplus would decrease by $14.00.
An economist has conducted extensive research and has found that Jones Cola is a substitute for Tucker Cola. Ceteris paribus, the price of Jones Cola increases. The impact on the demand curve for Tucker Cola is a(n):
a. increase in demand. b. decrease in demand. c. increase in quantity demanded. d. decrease in quantity demanded.
The slope of a typical production possibilities frontier reflects the fact that
A. some systems of market organization are more efficient than others. B. the invisible hand always functions smoothly in a market system without government intervention. C. when resources are allocated efficiently, it’s impossible to produce more of anything without producing less of something else. D. production is only possible when resources are allocated efficiently.