If Howard takes out a $400 loan for one year at 5 percent interest annually, he will pay back a total of:
A. $420.
B. $400.
C. $440.
D. $20.
Answer: A
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Over its history, Brazil has borrowed more from the rest of the world than it has loaned to the rest of the world. Brazil
A) eventually will have a balance of payments account that does not balance. B) is a debtor nation. C) is a creditor nation. D) has no current account balance.
Faced with a shortage of funds to pay claims, the workman’s compensation systems in many states have been forced to raise the workman’s compensation tax rate substantially. The tax is paid by employers. Employers have complained that they cannot afford the tax and threaten to go out of business. Assuming the supply of labor is very inelastic, one can argue that ultimately the burden of this tax actually will rest
A. mostly on workers. B. mostly on employers. C. about 50/50 on workers and employers, like the Social Security tax. D. all on employers by statute.
Refer to the following figure. The price of capital is $50 per unit:
The minimum cost of producing 800 units of output is
A. $10,000. B. $8,000. C. $7,500. D. $6,000.
In the graph showing the Phillips curve after a negative supply shock, we can see that high energy prices in the late 1970s caused ______.
a. a leftward shift in the Phillips curve
b. a rightward shift in the Phillips curve
c. a movement to a point further up the Phillips curve
d. a movement to a point further down the Phillips curve