Anthony closes out his account in which he deposited $500 five years ago at an interest rate of 5%. Mark closes out his account in which he deposited $500 ten years ago at an interest rate of 5%. Who had more in their account? About how much more did he have?
Mark had more in his account. Mark had $814.45 in his account while Anthony had about $638.14 in his account. So Mark had about $176.31 more in his account.
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Refer to Scenario 18.1. When Curly made the loans to Moe, Larry, and Shemp, there were 500 coins' worth of receipts. These receipts are best described as
A) commodity money. B) representative commodity money. C) partially backed representative commodity money. D) fiat money.
If it is less costly for business firms to adjust the labor demanded as the price level changes than it is for households to adjust Ns, then in the short-run
A) Ns has a positive slope and the demand for labor (Nd) negative slope. B) Nd has a negative slope and the supply of labor (Ns) a positive slope. C) AD has a negative slope. D) SAS has a positive slope.
What is the rule for efficient output selection and how does the competitive market achieve it?
What will be an ideal response?
Caroline is an artist. She purchases canvases, paints, brushes, and accessories for $75. She sells one of her original paintings to an art gallery for $1,500, which, in turn, sells it to an art lover for $4,500. How much market value does the gallery add?
A) $1,425 B) $1,500 C) $3,000 D) $4,500