The narrowly-defined money supply in the U.S., called M1, does not include which of the following?
A) Coins in circulation
B) Currency in circulation
C) Currency in the vaults of commercial banks
D) Demand deposit liabilities of commercial banks
C
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When tastes are risk averse, an individual will always choose less risk over more risk.
Answer the following statement true (T) or false (F)
A principal objective of the World Trade Organization is to
A. Assist in retraining workers displaced by imports. B. Equalize income tax structures in various countries. C. Reduce barriers to trade. D. Protect import-competing producers.
A demand curve is a
A) graphical representation of the demand schedule. B) graphical representation of alternative demands. C) horizontal line connecting amounts demanded at various income levels. D) graphical relationship, that includes several things such as tastes, time, and supply.
If the economy is experiencing a recessionary gap and the government wants to accelerate the adjustment to the long-run equilibrium, it should
A. reduce aggregate demand by cutting government spending or raising taxes. B. increase aggregate demand by increasing government spending or cutting taxes. C. increase aggregate supply by increasing government spending or lowering taxes. D. increase aggregate supply by cutting government spending or raising taxes.