M2 ________
A) does not include currency
B) does not include traveler's checks
C) is a broader measure of money than M1
D) does not include checking deposits held at credit unions
C
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If the price of gasoline rose from $2.85 to $2.95 per gallon, your expenditure on gasoline would increase if your price elasticity of demand for gasoline equals
A) 1.25. B) 1.00. C) 0.75. D) Total revenue would increase at all of the above elasticities.
If the elasticity of supply of labor is low and the elasticity of demand for labor is high, then workers pay most of the Social Security tax levied on labor
Indicate whether the statement is true or false
Payments by a corporation to its shareholders are known as
A) dividends. B) coupons. C) stocks. D) bonds.
Hale's One Stop and Auto Service competes with Murray's Gas Mart. The local demand is: Qd = 25 - 10P ? P = 2.50 - 0.1 Qd. Both firms sell exactly the same quality of gasoline
Thus, if the firms charge a different price, the lower price firm will capture the entire market share. If the firms charge the same price, they will split the market share. The marginal cost functions are both constant at $1.25. If the firms compete by setting price, what is the market output level? What is the market price level?