The M2 measure of money is suggested by the ________ approach to measuring money.
A. liquidity
B. transactions
C. speculative
D. investment
Answer: A
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All homogeneous functions (of any degree) are homothetic but not all homothetic functions are homogeneous (of some degree).
Answer the following statement true (T) or false (F)
Along an LM curve at higher interest rates there is __________ money demanded, so income must be higher to __________ the demand for transactions balances if the total demand for money is to equal the fixed supply
A) less; decrease B) less; increase C) more; decrease D) more; increase
The labor supply curve for a monopsony is
A) perfectly horizontal. B) perfectly vertical. C) upward sloping but not perfectly vertical. D) downward sloping.
One complication that tends to prolong recessionary gaps is that wages
a. are fixed by unions, which represent nearly all workers in the United States. b. tend to rise rapidly. c. rarely fall. d. tend to move in the opposite direction from prices.