In reading the national business news, you hear that mortgage rates increased by 50 basis points. If mortgage rates were initially at 6.5%, what are they after this increase?
A. 11.5%
B. 7.0%
C. 56.5%
D. 6.55%
Answer: B
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The slope of a straight line
A. is always equal to zero. B. is the same at all points along that line. C. changes from one point to the next on that line. D. cannot be defined.
Refer to the diagram, where T is tax revenues and G is government expenditures. All figures are in billions of dollars. If the full-employment GDP is $400 billion while the actual GDP is $200 billion, the actual budget deficit is:
A. $200 billion.
B. $20 billion.
C. $40 billion.
D. $60 billion.
Explanations for the low U.S. saving rate include all of the following EXCEPT:
A. large capital gains in the stock market. B. low real interest rates relative to the rest of the world. C. government programs that provide income for the elderly. D. low down payments required to purchase homes.
Lesley buys 6 cappuccinos per week when her income is $900 per week and buys 8 cappuccinos per week when her income is $1100 per week. For Lesley, cappuccinos are a(n) ________ good
A) normal B) luxury C) inferior D) essential E) substitute