Credit cards were introduced in 1959. In 2014, the U.S. credit card balance was $880 billion. Which of the following is TRUE?
A) The $880 billion balance is part of M2 but not part of M1.
B) The $880 billion balance is part of both M1 and M2.
C) Only that portion of the $800 billion actually charged in 2009 is counted in M1 and M2.
D) No part of the $880 billion balance is counted in M1 and M2.
D
You might also like to view...
A profit-maximizing monopolist facing the situation shown in the graph below should:
A. Shut down in the short run
B. Continue producing to minimize losses
C. Continue producing to make economic profits
D. Continue producing as long as price is greater than marginal cost
Jobs in the U.S. textile industry can be saved by imposing tariffs upon textiles imported into the U.S., but the cost to U.S. consumers is estimated to be approximately
A. $49,000 annually per job saved. B. $23,000 annually per job saved. C. $94,000 annually per job saved. D. $148,000 annually per job saved.