As of February 2013, more than half of the money supply (M1) was in the form of:
A. Currency
B. Checkable deposits
C. Gold coins and bars
D. Savings deposits
B. Checkable deposits
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Define the three key principles of economics
What will be an ideal response?
The payroll tax is a tax imposed on ________ that is used to fund Social Security and Medicare
A) workers only B) employers only C) employers and workers D) the unemployed
If the nominal interest rate was 12 percent and the inflation rate was 10 percent in 1980, while the nominal interest rate was 7 percent and the inflation rate was 2 percent in 2001, then
a. real rates were higher in 2001. b. real rates were higher in 1980. c. credit was more expensive in 1980. d. credit was cheaper in 2001 because the nominal rate was lower.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According the graph shown, if this economy were open to free trade, it would:
A. export this good, because the world price is greater than the domestic price. B. import this good, because the world price is greater than the domestic price. C. import this good, because the domestic price is greater than the world price. D. export this good, because the domestic price is greater than the world price.