The annual price of a one dollar loan is referred to as the:
A) service tax. B) rate of interest. C) discount value. D) principal.
B
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The idea of interchangeable parts, which was an important aspect of the American System of Manufacturing, is attributed by Hughes and Cain (2011) to
(a) Henry Ford, who used it in the production of automobiles. (b) Adam Smith, who suggested it in his book The Wealth of Nations. (c) Thomas Jefferson, who used it in his "nailery" on his plantation. (d) Eli Whitney, who used it in the production of guns.
Investment in physical capital means
A. purchasing supplies. B. purchasing equipment and buildings. C. taking out loans. D. hiring more employees.
Specialization in production is economically beneficial primarily because it:
A. allows everyone to have a job that he or she likes. B. permits the production of a larger output with fixed amounts of resources. C. facilitates trade by bartering. D. guarantees full employment.
A monopolistically competitive firm maximizes profits when it
A. produces the quantity at which marginal cost equals marginal revenue and sets the price equal to the marginal revenue. B. produces the quantity at which marginal cost equals marginal revenue and sets the price equal to the marginal cost. C. produces the quantity at which marginal cost equals marginal revenue and uses the demand curve to determine the market price. D. produces the quantity at which marginal cost equals the market price.