Credit cards are
A. included in M1 but not M2.
B. included in M1 and M2.
C. included in M2 but not M1.
D. not included in any measure of the money supply.
Answer: D
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A normal profit is
A) revenues minus opportunity cost of zero. B) revenues minus accounting cost of zero. C) a zero accounting profit. D) revenues minus accounting and opportunity cost of zero.
Assume an industry initially in equilibrium has a price ceiling imposed at a price below the equilibrium price. Total revenue received by the producers from sales will: a. rise as a result
b. rise as a result only if supply is inelastic. c. rise as a result only if demand is inelastic. d. fall as a result.
The use of chlorofluorocarbons in refrigerators and air conditioners is alleged to cause the destruction of the ozone layer that surrounds the earth and which protects humans from ultraviolet radiation. Output of this substance has been restricted by a licensing system where producers have to bid in the open market for licenses to produce them in specified quantities. This is an example of
dealing with externalities by a. voluntary compliance. b. direct controls. c. taxes. d. the market mechanism.
Which of the following is correct?
a. If the Fed purchases bonds in the open market, then the money supply curve shifts right. A change in the price level does not shift the money supply curve. b. If the Fed sells bonds in the open market, then the money supply curve shifts right. A change in the price level does not shift the money supply curve. c. If the Fed purchases bonds, then the money supply curve shifts right. An increase in the price level shifts the money supply curve right. d. If the Fed sells bonds, then the money supply curve shifts right. A decrease in the price level shifts the money supply curve right.