The amount of interest owed on a loan of $2,000 after a year at an interest rate of 10 percent is:
A. $200.
B. $100.
C. $2,200.
D. $2,100.
Answer: A
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What will happen when there is a rightward shift in the demand curve?
A) The product price will instantaneously adjust downward. B) Product prices do not change in this situation. C) Producers will decrease the product price. D) A new, higher price is not instantaneously achieved, but the price will rise over time.
A barter economy is one in which
a. money serves as a medium of exchange. b. only precious metals are accepted as money. c. goods are traded directly for other goods. d. paper money is backed by gold.
The purchase price of capital is
a. the value of the capital to the firm. b. always less than the rental price. c. the price received from the flow of some capital services. d. the price a person pays to own that factor of production indefinitely.
Unemployment and inflation are:
A) not relevant in the U.S. economy today. B) major topics in macroeconomics. C) unique only to capitalistic economies. D) very important in the study of microeconomics.