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2. In the equation Md = kY - hi, where Md is money demand, the parameter k captures _____

  • the speculative demand for money
  • the effects of inflation
  • the transactions demand for money
  • the money supply
  • the total demand for money

3. Banks hold reserves:

  • only because the government requires them to hold reserves.
  • to earn interest
  • to meet depositor withdrawals and payments
  • to escape the double coincidence of wants
  • to increase profits

4. The unemployment rate equals the number of people:

  • unemployed divided by the number employed
  • unemployed plus discouraged workers divided by the number employed.
  • unemployed divided by the labour force.
  • unemployed plus discouraged workers divided by the labour force.
  • unemployed.

5. People who enjoy high standards of living usually have all of the following EXCEPT:

  • longer life expectancies.
  • better general health.
  • higher literacy rates
  • freedom from scarcity.
  • more and better consumer goods.
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