A $100 annuity is
a. $100 received in a single year
b. $100 received each year forever
c. more or less than $100, dependent on the interest rate, received for a certain number of years
d. $100 received each year for a certain number of years
e. more or less than $100, dependent on the interest rate, received until an upper limit is reached
D
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When I buy an $12.00 movie ticket rather than two paperback books, the opportunity cost of going to the movie is the two paperback books I did not buy
Indicate whether the statement is true or false
Which famous economist developed the principle of comparative advantage as we know it today?
a. Adam Smith b. David Ricardo c. John Maynard Keynes d. Milton Friedman
Efficiency occurs if the:
A. individually rational quantity of goods and services is being produced. B. market is in equilibrium. C. government does not interfere with market prices. D. socially optimal quantity of goods and services is being produced.
If the quantity of money supplied does not respond to changes in the interest rate, then the money supply curve is
A) vertical. B) horizontal. C) relatively flat but upward sloping. D) relatively steep but upward sloping.