Which of the following statements is true?
A. A savings deposit is not counted in the most basic, or narrow, definition of the money supply.
B. M1 is sometimes referred to as transactions money.
C. Money reduces the transaction costs of making exchanges.
D. b and c
E. a, b, and c
Answer: E. a, b, and c
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Your authors argue that, since the 1960s in the U.S
A) poverty has substantially decreased. B) inequality has substantially increased. C) poverty has substantially increased. D) inequality has substantially decreased.
In the long run a company that produces and sells kayaks incurs total costs of $15,000 when output is 30 kayaks and $20,000 when output is 40 kayaks. The kayak company exhibits
a. diseconomies of scale because total cost is rising as output rises. b. constant returns to scale because average total cost is constant as output rises. c. diseconomies of scale because average total cost is rising as output rises. d. economies of scale because average total cost is falling as output rises.