Sammy is willing to lend Oscar $625 today so Oscar can purchase a new set of tires for his pickup truck. Oscar agrees to pay the loan back plus 5% interest in one year. What is the future value of this loan?
A) $595.24
B) $656.25
C) $750.00
D) $812.50
B
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The average total cost curves for Plant 1, ATC0, and Plant 2, ATC1, are shown in the figure above. Over what range of output is it efficient to operate Plant 2?
A) 0-20 B) 0-25 C) 20-25 D) greater than 25
Suppose we believe the income response for hamburger consumption is positive (normal) at low income levels but becomes negative (inferior) at high income levels. Is the log-linear demand function a good choice for this particular product?
A) Yes, the log-linear model has an income elasticity that can be positive or negative. B) No, the log-linear model has a constant income elasticity that cannot change with the income level. C) No, the Engel curves for this case are vertical lines, and this behavior cannot be represented with the log-linear demand function. D) none of the above
What is the main difference between economic regulation and social regulation?
What will be an ideal response?
Rational choice by an individual implies
a. the use of some mathematical model when solving a problem b. making decisions aimed at achieving some predetermined goal c. that only monetary costs and benefits are weighed d. that an individual will never regret any action taken e. that scarcity can be eliminated for that individual