Refer to Table 11.1. What is the equilibrium level of output, y*?
A) 1,775 B) 2,375 C) 7,100 D) 9,500
A
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High inflation helps people store wealth over time, which helps them to be able to smooth out their consumption over their lifetimes
Indicate whether the statement is true or false
Currency and checkable deposits are
A. debts of the Federal Reserve Banks or of financial institutions. B. the major components of the M3 definition of the money supply. C. of intrinsic value that determines the relative worth of money. D. redeemable for gold and silver from the Federal Reserve System.
Tangible items consumed for a short-period of time are called ______.
a. nondurable services b. durable services c. nondurable goods d. durable goods
An example of an external cost of tobacco is
A. increase life insurance premiums of smokers. B. cigarette burns on the furniture of smokers. C. unnecessary deaths induced by second-hand smoke. D. matches.