All of the following are included in M1 EXCEPT
A) coin and currency.
B) money market mutual fund shares.
C) traveler's checks.
D) checking account balances.
B
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Answer the following statements true (T) or false (F)
1. The ability to produce a good or service at a lower opportunity cost than other producers face is known as comparative advantage. 2. The ability of a nation to gain from specialization and exchange is affected by factors such as shipping costs and exchange rates. 3. One cause for the uneven standard of living throughout the world is the uneven distribution of resources. 4. The application of the principle of comparative advantage requires each of two trading partners to have an absolute advantage over the other in the production of some particular commodity.
Although the reciprocal nature of the problem suggest that the proceeds of a corrective tax not be paid to as compensation to those harmed, if compensation is paid to those harmed by externalities _____
a. the payment should be made from general revenues to keep the corrective action separate from the compensatory part b. the payment should be set equal to marginal external cost c. the payment should be made in one lump sum to minimize incentives to create future problems d. the payment should be double the amount of the corrective tax to justly compensate the victims
When the market price of a product is below the equilibrium price, shortages will result and sellers can be expected to reduce the supply of that product
a. True b. False Indicate whether the statement is true or false
An increase in the world price of oil will result in ________.
What will be an ideal response?