Given an annual interest rate of 12 percent, what is the present value of receiving $1,000 in 20 years?
A) $890.45
B) $850.23
C) $112.16
D) $103.67
D) $103.67
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If a firm collects $80 in revenue when it sells 4 units, $100 in revenue when it sells 5 units, and $120 in revenue when it sells 6 units, then one can infer the firm is a(n):
A. perfectly competitor. B. monopolistic competitor. C. monopolist. D. oligopolist.
Suppose a firm has the following total cost function: TC = 100 + 4q2. What is the minimum price necessary for the firm to earn profit? Below what price will the firm shut down in the short run?
What will be an ideal response?
Based on the figure, the economy is initially in long-run equilibrium at point A. If there is a favorable supply shock that increases potential output and shifts the long-run aggregate supply curve from LRAS to LRAS', then there is initially ________ gap and the short-run aggregate supply curve will ________. 
A. a recessionary; eventually shift to SRAS' B. an expansionary; eventually shift to SRAS' C. an expansionary: eventually shift to SRAS" D. a recessionary; eventually shift to SRAS"
In order to explain how societies deal with the problem of scarcity, economists apply simplified representations known as
A. simplifying assumptions. B. empirical tests. C. normative questions. D. models.