Scott used $4,000,000 from his savings account that paid an annual interest of 5% and a $60,000 loan at an annual interest rate of 5% to purchase a hardware store. After one year, Scott sold the business for $4,100,000 . His accounting profits is:
a. $300,000
b. $100,000
c. $97,000
d. $20,000
c
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According to your text, when people talk about "the economy", they probably have in mind
A) the stock market. B) commercial society in general. C) the marriage market. D) black markets.
After a major ice storm left 90,00 . New York utility customers without power in January 1998, generators that normally sold for $500 were being sold for as much as $3,000 . New York law prohibits raising prices for necessities in emergency situations
Elevated prices prompted the State Attorney's office to promise to prosecute price gougers. a . Explain how this law prevents markets from clearing. Does it create a price floor or a price ceiling? b. How might antiprice gouging legislation actually work to keep people cold longer?
Table 35.1CountryTons of SoybeansComputerChina100300United States150750Based on the information in Table 35.1, assume China and the United States have the same amount of resources with which to produce soybeans and computers and they produce no other goods. For trade to be mutually beneficial for both countries, the terms of trade will be such that 1 computer will exchange for
A. More than 3 tons of soybeans but less than 5. B. Less than 1/5 of a ton of soybeans. C. Zero soybeans. D. More than 1/5 of a ton of soybeans but less than 1/3.
Stickiness of wages:
A. is unrelated to stickiness of prices. B. lessens the stickiness of prices. C. reinforces stickiness of prices. D. may or may not reinforce stickiness of prices.