Checking account deposits are included in
A. lines of credit.
B. currency.
C. M1.
D. money market account.
Answer: C
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When inflation causes the absolute prices of all commodities to rise, what happens to the relative prices of those commodities?
a. The relative prices also rise. b. When absolute prices rise, the corresponding relative prices fall. c. The relative prices are unaffected by changes in absolute prices. d. No prediction can be made about changes in relative prices.
Many people have observed that retail gas stations tend to operate very closely to one another. Explain the logic behind having a gas station at each corner of an intersection
What will be an ideal response?
A firm currently has 5 workers each paid $15 per hour. If it decides to hire a 6th worker, the hourly wage increases to $18 for all workers. What is the marginal cost of hiring the 6th worker?
a. $3 b. $18 c. $15 d. $33
Oligopolistic firms are the only ones that do not consider their rivals' actions when making decisions about output and price
a. True b. False