Which of the following definitions of the money supply is the least liquid?
a. M1
b. M2
c. M3
d. L
d
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In both monopolistically competitive and perfectly competitive industries
A) firms produce products for which there are no close substitutes. B) firms are price takers. C) there are high barriers to entry. D) there are many buyers and sellers.
When the supply of land is perfectly inelastic, the economic burden of an annual tax on land
a. falls entirely on the people who owned land when the tax was imposed. b. is passed on to future buyers of land in the form of higher prices. c. is split between present and future landowners. d. cannot be determined without information on the elasticity of the demand for land.
The universal bank is characteristic of:
a. Germany b. early American capitalism c. Japan d. the Four Tigers e. none of the above
The governmental expense of a farm price support tends to diminish as the price of the good falls.
Answer the following statement true (T) or false (F)