Which of the following compose the M2 money supply?
A. currency only
B. currency, checkable deposits, and traveler's checks
C. M1 plus large denomination time deposits and Eurodollar deposits
D. M1 plus savings deposits and small-denomination time deposits
Answer: D
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Refer to the scenario above. If the first household pays 20% of its income as tax,
the second household pays 17.5% of its income as tax, the third household pays 13% of its income as tax, and the fourth household pays 10% of its income as tax, income taxes are ________ in nature. A) progressive B) regressive C) cardinal D) ordinal
Which of the following is true?
i. Comparative advantage drives international trade. ii. Compared to a no-trade situation, in a market with imports, producer surplus is larger. iii. Tariffs lower the domestic price of imported goods. A) only i B) only ii C) only iii D) i and ii E) i and iii
If wages are "sticky", a decline in the price level will
A) raise the real wage and lower the quantity demanded of labor. B) lower the real wage and lower the quantity supplied of labor. C) raise the real wage and lower the quantity supplied of labor. D) a and b E) none of the above
An agreement to reduce the volume of trade in a specific good is
A. An embargo. B. A voluntary restraint agreement. C. A quota. D. The terms of trade.