The rate of interest written on a contract between a borrower and a lender is the
a. nominal interest rate.
b. real interest rate.
c. implied interest rate.
d. expected interest rate.
a
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Refer to Figure 14.3. To maximize economic rent, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
If you withdraw $500 from your savings account and deposit it in your checking account, then M1 will change by _____ and M2 will change by _____
Fill in the blank(s) with correct word
As John's income has increased, he has purchased less instant noodles. Instant noodles are
A) a normal good for John. B) an inferior good for John. C) not following the law of demand. D) not scarce for John.
Applying the concept of "clean enough" to clean water, an economist means the
A. perfectly clean water. B. state of cleanliness where the marginal cost of cleaning equals the marginal benefit of cleaning. C. state of cleanliness where the average cost of cleaning more equals the average benefit of cleaning more. D. state of cleanliness where the total cost of cleaning equals the total benefit of cleaning.