You agree to lend ________ to a friend for a year at an annual interest rate of 10%. At the end of the year your friend pays you $600 in interest.
A. $60
B. $660
C. $6,000
D. $6,600
Answer: C
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If McDonald's, Wendy's, and Burger King agree with each other not to sell hamburgers for less than $3.95 apiece, all three could be found guilty of
A) an interlocking directorship under the Clayton Act. B) price fixing under the Sherman Act. C) a deceptive business practice under the Clayton Act. D) None of the above answers is correct.
Which of the following is not a basic characteristic of a perfectly competitive market?
a. a large number of buyers and sellers b. significant nonprice competition among firms c. a standardized product produced by firms d. no barriers to entry e. no barriers to exit
(Last Word) In their effort to provide disaster relief after Hurricane Katrina, the Federal Emergency Management Agency (FEMA) made payouts on as many as 900,000 claims with invalid Social Security numbers or false names and addresses. This example
illustrates: A. the benefits-received principle. B. logrolling. C. bureaucratic inefficiency. D. the problem of limited and bundled choices.
When a market clearing price is determined
A. the exchange between buyers and sellers is directed by outside factors such as the government. B. the exchange between buyers and sellers is voluntary. C. the exchange between buyers and sellers benefits only the buyers. D. the exchange between buyers and sellers benefits only the sellers.