When a resource price is below equilibrium,
a. excess supply will be present.
b. excess demand will be present.
c. the supply of the resource will be inelastic.
d. the demand for the resource will be inelastic.
B
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Which of the following represents the equation that would be used to determine the yield to maturity of a three-year fixed payment loan of $1400 which has payments of $500 per year?
A) $1400 = $500/(1+i) + $500/(1+i)2 + $500/(1+i)3 B) $1400 = $500/(1+i)3 C) i = (1400-500)/1400 D) $1400 = $500/(1+i) + $500/(1+i)2 + $500(1+i)3 + 1400/(1+i)3
A monopolistically competitive firm has the free entry characteristics of ________ and the price setting characteristics of ________
A) an oligopolistic market; perfect competition B) perfect competition; a monopoly C) a monopolistic market; a cartel D) perfect competition; perfect competition
Figure 5-5
In Figure 5-5, if the household is spending enough of its budget to purchase 4 orders of fries and the price of an order of fries is $2, the remainder of the budget available for hamburgers is
a.
$10.
b.
$12.
c.
$16.
d.
$20.
Refer to the table above. If Beth earns $60,000 per annum, she has to pay a tax of ________
A) $9,464.50 B) $1,600.50 C) $1,000.50 D) $24,000