Which of the following are included in the M2 definition of money?
A) currency outside of banks and checkable deposits
B) currency outside of banks and credit lines on credit cards
C) time deposits and the value of prime grade bonds
D) currency both inside and outside of banks
E) currency inside of banks and banks' reserves
A
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The circular flow diagram divides the economy into:
a. Winners and losers. b. Real sector and nominal sector. c. Domestic sector and foreign sector. d. Agricultural sector and non-agricultural sector. e. Producer sector and consumer sector.
Oil producers expect that oil prices next year will be lower than oil prices this year. As a result, oil producers are most likely to
A) place more oil on the market this year, thus shifting the present supply curve of oil rightward. B) hold some oil off the market this year, thus shifting the present supply curve of oil leftward. C) place more oil on the market this year, thus increasing the quantity supplied of oil at lower but not higher prices. D) hold some oil off the market this year, thus decreasing the quantity supplied of oil at lower but not higher prices.
Discuss the components of GDP using the expenditure approach.
What will be an ideal response?
Figure 10.6 shows prices, demands, and cost data for the only restaurant in a small town. If the restaurant charges the single price of $8 per meal, what is its profit from non-senior customers?
A. $1,200 B. $1,500 C. $2,280 D. $2,560