Which of the following is NOT included in the M1 definition of money?
currency held outside banks
time deposits
travelers checks
checking deposits at savings and loans
time deposits
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An economic ________ is a simplified version of some aspect of economic life used to analyze an economic issue
A) variable B) model C) market D) trade-off
Costs that deter firms from changing prices in response to demand changes are known as
A) sticky costs. B) menu costs. C) policy costs. D) production costs.
Which of the following happened during the Great Depression?
a. Unemployment and prices increased while output decreased. b. Unemployment increased while output and prices decreased. c. Unemployment and prices decreased while output increased. d. Unemployment and output decreased while prices increased. e. Unemployment and output increased while prices decreased.
When an economic event causes demand or supply to shift, prices and quantities set off in the general direction of:
a. equilibrium. b. disequilibrium. c. stabilization. d. maximization.