The economy of the United States would best be classified as:
a. closed economy
b. socialism
c. command economy
d. A market system
d. A market system
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The federal funds rate is always __________ the repo rate
A) above B) below C) the same as D) None of the above.
All of the following factors came together in 2007-09 to cause a sharp drop in consumer spending EXCEPT
A) asset pyramid. B) the end of the housing price bubble. C) stock market crash. D) increase in household liabilities.
Business cycles are short-term fluctuations in the economy relative to the long- term trend in ______.
a. interest rates b. inflation c. output d. employment
The official definition of the money supply that includes coins, paper money, travelers’ checks, conventional checking accounts, and other checkable deposits at banks and saving institutions is called ____.
A. M1 B. M2 C. M3 D. L