Which of the following is NOT included in M1?
A) deposits in checking accounts B) deposits in checking accounts that pay interest
C) savings accounts D) traveler's checks
C
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What does the law of supply state?
a. Price and quantity demanded are inversely related. b. An increase in demand will cause a leftward shift in the supply curve. c. Price and quantity supplied are positively related. d. A shift in the supply curve must be the result of a change in prices.
If purchasing-power parity holds, a bushel of rice costs $10 in the U.S., and the nominal exchange rate is 25 Thai baht per dollar, what is the price of rice in Thailand?
a. 400 baht b. 250 bhat c. 100 bhat d. None of the above is correct.
Based on the graph showing rational expectations and the AD/AS model, when expansionary policy creates the movement to a point higher up the long-run aggregate supply curve, the result is ______.
a. higher price levels and lower RGDP
b. lower price levels and higher RGDP
c. higher price levels and no change in RGDP
d. higher RGDP and no change in price levels
Read Application 14.1 carefully. The United States compares very unfavorably to Japan in life expectancy. In the United? States, average life expectancy at birth is less than 79? years; in? Japan, life expectancy is almost 83 years.? However, the United States spends? 250% more on health care per person than Japan does. Are these numbers evidence of the superior? cost-effectiveness of the Japanese health care? system?
A. ?Yes, if the Japanese live longer and spend less on health? care, it must have a more? cost-effective health care system. B. ?Yes, the Japanese make better behavioral? choices, which implies a? better, more? cost-effective health care system. C. ?No, the U.S. obesity rate is higher than? Japan's, which can drive up health care costs and drag down life expectancy. D. ?Uncertain, as more information is required to assess the? cost-effectiveness of? Japan's health care system.