The M2 measure of money consists of the sum of:
A. currency, checking and savings deposits.
B. M1, savings deposits, small time deposits, and money market mutual funds.
C. savings deposits, small time deposits, and money market mutual funds.
D. currency, checking and savings deposits, and small time deposits.
Answer: B
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Suppose the working age population in Tiny Town is 100 people. If 25 of these people are NOT in the labor force, the ________ equals ________
A) unemployment rate; 25/100 × 100 B) unemployment rate; 25/75 × 100 C) labor force; 75 D) labor force; 25/100 × 100
Last year the price of corn was $3 per bushel and the quantity of corn demanded was 8 million bushels. This year the price of corn is $4 per bushel and the quantity of corn demanded is 7 million bushels
Assuming that the demand curve has not shifted, what is the price elasticity of demand for corn? (Use the midpoint formula.) A) 1 B) 0.47 C) 2.14 D) 0.29
Suppose the U.S. GDP growth rate is faster relative to other countries' GDP growth rates. This will
A) shift the aggregate demand curve to the left. B) shift the aggregate demand curve to the right. C) move the economy up along a stationary aggregate demand curve. D) move the economy down along a stationary aggregate demand curve.
Which of the following is an effect of a minimum wage law that establishes a ceiling wage below the current market clearing wage?
A) Surplus labor, or unemployment B) A decrease in the market clearing wage C) A decrease in the quantity of labor supplied D) An increase in the quantity of labor supplied