Kanye opens a savings account with $5,000. The account pays 7% interest compounded annually. Kanye deposits $100 every month. How much money will be in the account after five years?
a. $14,247.42
b. $10,157.64
c. $16,516.62
d. $8,317.13
a. $14,247.42
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If this quote is TRUE, what would the neoclassical growth theory predict?
A) Economic growth stops because most technological advances have already been made. B) Economic growth is temporary regardless of technological change and GDP per person returns to subsistence levels. C) Economic growth will persist indefinitely because technological change will accelerate again as firms seek profits. D) Economic growth will accelerate because these technological changes are permanent.
Why does the total product curve peak at six workers?
a. Moe’s cannot afford to hire more than six workers.
b. The most workers that Moe can supervise at one time is six.
c. With more than six workers the shop has accounting profits but no economic profits.
d. If Moe’s has more than six workers at once they crowd each other and less work gets done.
If the equilibrium price for some product is $1000, a price ceiling of $1200 will result in
A) massive surpluses of the good. B) the same general effects as a price floor of $1200. C) the same general effects as an administered price of $1200. D) the same general effects as a price ceiling of $600. E) no effects because the price ceiling is not binding at that price.
Some economists have suggested that network externalities result in consumers being locked into the use of products with inferior technologies. Economists Stan Leibowitz and Stephen Margolis have studied cases that have been cited as examples of this and
found A) there is no convincing evidence that the alternative technologies were superior. B) consumers sometimes do become locked into the use of products with inferior technologies. C) that in all of these cases network externalities resulted in market failure. D) that consumers use products with inferior technologies when their prices are lower than products with superior technologies.