Which of the following is part of M1?
I. currency in a bank's vault
II. cash in your wallet
III. checkable deposits
IV. traveler's checks`
A) I, II, III, and IV
B) I, II, and III
C) II and III
D) II, III, and IV
Ans: D) II, III, and IV
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John is ready to pay $5 for an extra loaf of bread. Due to an ongoing discount in the store, he gets a loaf for $2. John's consumer surplus from the purchase is ________
A) $2 B) $2.50 C) $3 D) $10
If two countries agree to specialize and trade based on comparative advantage, which of the following is most likely to be true?
A) Both of the countries will consume outside their respective production possibilities curves. B) One of the countries will end up receiving all of the gains from trade. C) One of the countries will both consume and produce on its production possibilities curve. D) Only one of the countries will produce on and consume outside its production possibilities curve.