The future value of a deposit is:
A. PV * (1 + r) * n, where r = interest rate, n = periods, and PV = present value.
B. PV * (1 + r)n, where r = interest rate, n = periods, and PV = present value.
C. PV * rn, where r = interest rate, n = periods, and PV = present value.
D. PV/(1 + r)n, where r = interest rate, n = periods, and PV = present value.
B. PV * (1 + r)n, where r = interest rate, n = periods, and PV = present value.
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After a tariff is imposed, consumers must pay a price equal to the
A) world market price. B) domestic equilibrium price when there is no trade. C) world market price plus the tariff. D) world market price less the tariff. E) domestic equilibrium price when there is no trade plus the tariff.
Which of the following is not an automatic stabilizer:
a. Business profits taxes. b. Welfare payments. c. Government spending for new bridges and roads. d. All of the above are examples of automatic stabilizers.
In experiments testing game theory, cheap talk does not affect the outcome of a game.
Answer the following statement true (T) or false (F)
Economics is a social science that is concerned with:
a. Increasing the level of productive resources so there is a minimum level of income b. The best use of scarce resources paid for at the highest level of cost to consumers and businesses c. The best use of scarce resources to achieve the maximum satisfaction of economic wants d. Increasing the amount of productive resources so there is maximum output in society