The M1 money supply is composed of
A. all coins and paper money held by the general public and the banks.
B. bank deposits and mutual funds.
C. checkable deposits and currency in circulation.
D. bank deposits of households and business firms.
Answer: C
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What is an indifference curve? Why can indifference curves never cross?
What will be an ideal response?
Suppose an American worker can make 20 pairs of shoes or grow 100 apples per day. On the other hand, a Canadian worker can produce 10 pairs of shoes or grow 20 apples per day. Canada has the ____________ opportunity cost of a pair of shoes than the United States, so: ____________.
A. higher; Canada should specialize in shoe production B. lower; Canada should specialize in apple production C. higher; Canada should specialize in apple production D. lower; Canada should specialize in shoe production
The maximum number of workers hired is
A. 4.
B. 5.
C. 6.
D. 7.
If the firm is producing in the long run, then the firm's average total cost curve:
A. equals the average variable cost curve. B. is less than the average variable cost curve. C. exceeds the average variable cost curve. D. equals zero.