Positive Economics
What will be an ideal response?
focusing on facts and cause-effect relationships
attempts to describe the world as it is
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Your accountant tells you that if you can continue to earn the current interest rate on your balance of $750 for the next three years, you will have $944.78 in your account. If your accountant is correct, then what is the current interest rate?
a. 6 percent b. 7 percent c. 8 percent d. 10 percent
Which of the following is not included in the current account?
A. exports of goods B. imports of goods C. U.S. capital inflow and outflow D. unilateral transfers
The use of high leveraging by banks leads to the banking system's:
A. Competitiveness B. Instability C. Vital role in the economy D. Monopoly power
(Figure: The Demand Curve) Look again at the figure The Demand Curve. Using the midpoint method, the price elasticity of demand between $6 and $8 is approximately:
A) 4.5. B) 2.33. C) 0.23. D) 0.45.