Normative economic statements refer to what should be
a. True
b. False
A
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A statement of assets and liabilities of any business entity is
A) a sweep account. B) legal reserves. C) a balance sheet. D) net worth.
The equilibrium price is the price at which the quantity
A) sold equals the quantity bought. B) demanded equals the quantity sold. C) demanded equals the quantity supplied. D) supplied equals the quantity bought.
Which of the following is a measure of standard of living that is not included in GDP?
a. recreation and travel b. literacy level c. medical expenses d. college tuition
Using the annuity rule, we can infer that an increase in the market interest rate from 5 to 10 percent will:
A. not change the present value of an annuity. B. halve the present value of an annuity. C. double the present value of an annuity. D. have an unknown effect on the present value of an annuity.