Suppose your grandmother told you (today) that she had set aside an amount of money in a savings account bearing 3% interest that was sufficient to give you a $5,000 graduation present in exactly four years. How much would she have had to set aside?
A. $5000 / (1.03)4
B. $5000 / (1+.034)
C. $5000
D. $5000 × (1.03)4
Answer: A
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Which of the following is considered by economists to be the most fundamentally scarce?
A. Money B. Ideas C. Needs D. Food E. Physical resources
A change in the price of a good
A) shifts the good's demand curve and also causes a movement along it. B) shifts the good's demand curve but does not cause a movement along it. C) does not shift the good's demand curve but does cause a movement along it. D) neither shifts the good's demand curve nor causes a movement along it.
A telecommunication company divided into different divisions for residential and business Internet service is an example of
a. An M-form of an organization b. A functional organization c. An N-form organization d. All of the above
Among the answers given below, which one does not explain why an economy grows?
a. growth of population and the labor force b. capital accumulation and capital deepening c. technological change d. high death rates and high birth rates e. increases in skill levels for workers