In the United States, the money supply (M1) is comprised of:
A. coins, paper currency, and checkable deposits.
B. currency, checkable deposits, and Series E bonds.
C. coins, paper currency, checkable deposits, and credit balances with brokers.
D. paper currency, coins, gold certificates, and time deposits.
A. coins, paper currency, and checkable deposits.
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When a good has many close substitutes available, it is likely to be:
A. less price elastic than are goods without close substitutes available. B. more price elastic than are goods with many complement goods available. C. less price elastic than are goods with many complement goods available. D. more price elastic than are goods without close substitutes available.
Which of the following represents a problem with using per capita GDP to compare standard of living between less-developed and industrially advanced countries?
A. GDP per capita does not take into account differences in population between countries. B. GDP is particularly difficult to measure in industrially advanced countries because a much larger percentage of economic activity occurs outside of officially measured market activity than in less-developed countries. C. GDP per capita will overstate the prevailing standard of living for the average person in countries with extreme levels of income inequality. D. GDP per capita and other quality of life measures are not correlated.
Economists call a single firm that can supply the entire market at a lower cost than two or more firms a __________ monopoly.
Fill in the blank(s) with the appropriate word(s).
Explain why the Phillips curve on average is downward sloping
What will be an ideal response?