Which of the following are considered money? i. electronic checks ii. paper checks iii. the deposit transferred using an e-check
A) i, ii and iii
B) i and iii
C) i and ii
D) iii only
E) ii and iii
D
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Fill in the blank: National income accountants define a(n) ________ good as something purchased without the goal of reselling it or further processing or remanufacturing it into another sellable good
A) scarce B) intermediate C) final D) finished E) completed
An argument in favor of 100 percent reserve banking is that
A) a bank deposit is owned by the depositor, so the bank has no legal right to lend the deposit to someone else. B) banks should be allowed to lend deposits in order to increase their profits and strengthen the banking system. C) unregulated institutions would be riskier than regulated fractional-reserve banks. D) it would limit the precision of the central bank's control over the quantity of money.
Most economists would consider it sensible for the federal government to ________ its current operating and capital expenditure budgets and then ________
A) consolidate, never borrow to fund it B) consolidate, borrow what is necessary to fund it C) separate, borrow what is necessary to fund the current operating budget. D) separate, borrow what is necessary to fund the capital expenditure budget.
When a profit-maximizing firm in a competitive price-searcher market is in long-run equilibrium, price equals
a. marginal cost, and profits are positive. b. average total cost, and profits are zero. c. marginal cost, and profits are zero. d. average total cost, and profits are positive.