M2 includes:
a. Currency in circulation + Reserves of financial intermediaries (e.g., banks) + Checking Accounts + Near Money.
b. Currency in circulation + Checking Accounts
c. Currency in circulation + Cash inside financial intermediaries + Deposits at the central bank + Checking Accounts + Near Money.
d. Currency in circulation + Checking Accounts + Near Money.
e. Monetary base plus currency in circulation.
.D
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Consider two people, Sandy Smith, who earns $25,000 . and Gary Carver, who earns $50,000 . If the government has decided to tax everyone's first $25,000 at 20 percent and everyone's second $25,000 at 40 percent, then Gary pays:
a. $10,000 in taxes and Sandy pays $5,000 in taxes. b. $10,000 in taxes and Sandy pays $10,000 in taxes. c. $15,000 in taxes and Sandy pays $5,000 in taxes. d. $15,000 in taxes and Sandy pays $10,000 in taxes. e. $17,000 in taxes and Sandy pays $5,000 in taxes.
The demand curve slopes downward because of:
a. diminishing marginal utility and consumer equilibrium. b. the fact that consumers cannot decide how much they want to pay for goods and services. c. the fact that suppliers cannot decide how much to charge for the goods and services they supply. d. the fact that consumer tastes and preferences change rapidly. e. the fact that consumers are fickle, which makes pricing a good or service very difficult.
How do advocates of discretionary stabilization policy view frequent changes in spending and tax policy?
a. The changes make the economy more difficult to forecast. b. The changes make life more difficult and hectic for Congress and the Fed. c. The changes smooth out the business cycle, making planning easier. d. The changes cause more instability in the economy and make planning more difficult.
Trade restrictions like tariffs and quotas will
a. protect American jobs and increase employment. b. ensure that more dollars stay in the United States. c. reduce the value of goods and services that we will be able to produce and consume. d. make all Americans better off.