You lend a friend $10,000 for a year. At the end of the year your friend agrees to pay you $10,700. The interest rate on this loan is
A. 0.07%.
B. 7.00%
C. 107%.
D. indeterminate from this information.
Answer: B
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Refer to the above table. Country A has a per capita real GDP of $1000 and B has a per capita real GDP of $10,000. A is growing at a rate of 5 percent a year and B at a rate of 4 percent a year
After 50 years, how much larger is per capita real GDP in B than A? How much is this in real dollars? A) B is 12 times larger, or $230,000 larger on a real per capita basis. B) B is 8 times larger, or $175,000 larger on a real per capita basis. C) B is a little less than 2 times smaller, or almost $20,000 smaller on a real per capita basis. D) B is a little over 6 times larger, or almost $60,000 larger on a real per capita basis.
Refer to the Article Summary. The unexpected increase in the supply of oil mentioned in the article summary resulted in a decrease in the price of oil
After an unexpected decrease in the price of oil, the long-run adjustment ________ the price level and ________ the unemployment rate as they return to their original levels. A) increases; increases B) decreases; increases C) increases; decreases D) decreases; decreases
The U.S. Balance of Payments is constructed by
A) the U.S. Department of Labor. B) the U.S. Department of Agriculture. C) the U.S. Department of Commerce. D) the Council of Economic Advisers to the President.
In the Malthusian model, an improvement in the technology of growing food is likely to
A) increase the equilibrium size of the population and increase the equilibrium level of consumption per worker. B) increase the equilibrium size of the population and decrease the equilibrium level of consumption per worker. C) increase the equilibrium size of the population and have no effect on the equilibrium level of consumption per worker. D) have no effect on the equilibrium size of the population and increase the equilibrium level of consumption per worker.