The narrowest definition of money:
A. includes the things that can be used in transactions immediately.
B. contains only cash and bank reserves held at the Fed.
C. is referred to as hard money.
D. All of these are true.
D. All of these are true.
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Refer to the above figure. If real Gross Domestic Product (GDP) is $2 trillion, then
A) the level of total planned expenditures is less than real GDP. B) the level of total planned expenditures is greater than real GDP. C) the level of total planned expenditures equals real GDP. D) the level of total planned expenditures equals zero.
Marginal revenue is less than price for price searchers
A) because they are monopolists. B) because they necessarily have some costs. C) if they enjoy grants of legal privilege. D) when they cannot charge all customers the maximum they are willing to pay for each unit purchased. E) when they have the ability to practice price discrimination.
A significant problem of a dual exchange rate system is that it
(a) is difficult to administer. (b) leads companies to pursue rent-seeking behavior. (c) promotes black markets. (d) all of the above. (e) none of the above.
Assume the demand function for good X can be written as Qd = 80 - 3Px - 2Py + 10I where Px = the price of X, Py = the price of good Y, and I = Consumer income. This equation implies that X and Y are complements
Indicate whether the statement is true or false