The M1 measure of the money supply equals
A) paper money plus coins in circulation.
B) currency plus checking account balances.
C) currency plus checking account balances plus traveler's checks.
D) currency plus checking account balances plus traveler's checks plus savings account balances.
Answer: C
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In the figure above, Joe is producing at point A. Joe's opportunity cost of producing one shirt is
A) 5/3 of a pair of pants per shirt. B) 3/5 of a pair of pants per shirt. C) 5 pairs of pants per shirt. D) 2 pairs of pants per shirt.
In a supply-and-demand graph, producer surplus can be pictured as the
A) vertical intercept of the supply curve. B) area between the demand curve and the supply curve to the left of equilibrium output. C) area under the supply curve to the left of equilibrium output. D) area under the demand curve to the left of equilibrium output. E) area between the equilibrium price line and the supply curve to the left of equilibrium output.
When many banks fail simultaneously, this is known as a
a. run on the bank b. depression c. recession d. banking panic e. Federal Reserve crisis
According to the textbook, which of the following must a firm in a market economy do today to succeed?
A) produce new or better goods or services B) efficiently organize production C) produce existing goods and services at a lower cost D) Market firms today must do all of these things.