Small differences in annual growth rates accumulate into:
A. Small differences in GDP.
B. Large differences in GDP.
C. A leftward shift of the aggregate demand curve.
D. An increase in population.
B. Large differences in GDP.
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A nonmonetary opportunity cost is
A) an explicit cost. B) a direct cost. C) an implicit cost. D) an accounting cost.
The interest rate that equates the present value of payments received from a debt instrument with its value today is the
A) simple interest rate. B) current yield. C) yield to maturity. D) real interest rate.
Borem is a big fan of wine from Trader Moe's. Moe's sells a high-quality expensive wine and a cheap low-quality wine. Borem buys both types but tends to buy more bottles of the cheaper wine
Borem later moves to a new city where he must drive a long distance to get his wine at Trader Moe's. Assuming the income effect is small, and that Borem still buys his wine from Moe's, how is he going to change his relative consumption of the expensive and cheap wines?
A traditional system operates based on the self interest of buyers and sellers
a. True b. False Indicate whether the statement is true or false