If the interest rate is 7.5 percent, the present value of $500 to be received three years from today is $477.50
Indicate whether the statement is true or false
FALSE
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When a firm hired its tenth worker, its factory output increased by four units per month. Would you expect the firm's output to increase by eight more units per month if the firm hired two more workers?
What will be an ideal response?
The cost of using an additional unit of an input is called the
A) marginal revenue product. B) marginal physical product cost. C) marginal factor cost. D) marginal product of labor.
Microeconomics deals with:
A) the working of the entire economy or large sectors of it. B) employment, growth, and inflation. C) individual units in the economy. D) normative economics for the most part.
Exhibit 14-6 Aggregate supply curve
?
In Exhibit 14-6, when the economy moves from a GDP of $1,000 billion to a GDP of $1,100 billion,
A. higher wages will lower the cost of producing goods. B. real GDP and employment both increase, but only under conditions of constant prices. C. real GDP increases and employment decreases, but only under conditions of price level increases. D. real GDP and employment both increase, but only under conditions of price level increases.