Which one of the following is part of the M2 definition of the money supply, but not part of M1?
a. Checkable deposits.
b. Currency held in banks.
c. Currency in circulation.
d. Small time deposits of less than $100,000.
d
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Overuse of a common resource may be avoided by all of the following methods of government intervention except
A) restricting access to the resource. B) restricting the intensity of the use of the resource. C) issuing tradeable permits for the use of the common resource. D) government taking over ownership of all common resources.
In monopolistic competition in the long run, firms ________
A) make zero economic profit and require more capacity B) incur an economic loss and require more capacity C) make an economic profit and have excess capacity D) make zero economic profit and have excess capacity
Firms are often more efficient than markets as coordinators of economic activity because
A) firms can achieve lower transaction costs. B) markets cannot coordinate production. C) firms don't rely on economies of scale while markets do. D) firm coordination is always more economically efficient than market coordination.
Refer to Table 4-7. Suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $8.50; Q = 550,000 B) W = $11.50; Q = 610,000 C) W = $12.50; Q = 550,000 D) W = $8.50; Q = 630,000