M1 is:
A. about one fourth the amount of GDP.
B. about four times larger than GDP.
C. equal to GDP.
D. about 17% of GDP.
Answer: D
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Refer to Table 15-3. If Comcast maximizes its profits how much profit will it earn?
A) $84 B) $40 C) $4 D) Comcast will break even.
When the government charges an output tax to eliminate an externality, it forces the manufacturer to ________ the negative externality
A) charge customers for B) internalize C) stop producing D) increase the production of
Any two goods are said to be _____ if they are consumed jointly in a specific proportion
a. perfect complements b. merit goods c. perfect substitutes d. public goods
On the graph showing the Laffer curve, tax revenues are lowest at ______.
a. point B
b. point C
c. points B and D
d. points A and E