Which of the following is included in M1, but not in M2?
A) currency
B) checking account deposits
C) travelers checks
D) Everything in M1 is in M2.
D
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The three categories of federal government expenditures, in addition to government purchases, are
A) interest on the national debt, defense spending, and transfer payments. B) defense spending, Social Security, and Medicare. C) defense spending, budgets of federal agencies, and transfer payments. D) interest on the national debt, grants to state and local governments, and transfer payments.
Suppose the Fed announced that it has chosen to accept a temporary period of above-target inflation. Assuming that the announcement is seen as credible, this will tend to increase inflationary expectations, which will result in
A) the AD curve shifting to the right. B) the AD curve shifting to the left. C) the AS curve shifting to the right. D) the AS curve shifting to the left.