Which of the following is a component of high powered money?
A) bonds held by banks, loans, and bank reserves
B) currency in circulation plus bank reserves
C) currency in circulation plus checkable deposits
D) bonds held by banks plus checkable deposits
E) the sum of currency in circulation, bank reserves, and checkable deposits
B
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The HeckscherOhlin model assumes that production techniques within a nation use the factors of production:
a. at different intensities depending on changing technology and which nation you are discussing. b. at different intensities for each industry, so that one is more or less intensive in that factor than the other. c. at the same intensity for each industry—for example, the ratio of capital to labor is the same for every industry in the nation. d. in no definite pattern.
Elasticity is
A. a measure of how much buyers and sellers respond to changes in market conditions. B. the study of how the allocation of resources affects economic well-being. C. the maximum amount that a buyer will pay for a good. D. the value of everything a seller must give up to produce a good.