In the classical model, markets clear
a. in the short run
b. every month
c. immediately
d. in the long run
e. as soon as any shock occurs
D
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Your grandfather tells you that he earned $7,000/year in his first job in 1961. You earn $35,000/year in your first job in 2016. You know that average prices have risen steadily since 1961. You earn
A) less than 5 times as much as your grandfather in terms of nominal income. B) 5 times as much as your grandfather in terms of real income. C) less than 5 times as much as your grandfather in terms of real income. D) more than 5 times as much as your grandfather in terms of real income.
The Social Security program is primarily a
a. compulsory retirement income program set up on sound insurance principles. b. forced-savings program where workers save during their working years and receive the principal and interest on these savings at retirement. c. program designed to tax current workers in order to provide benefits for current retirees. d. voluntary savings program run by the government.
Describe (verbally) how to calculate a one-time return on an investment. On an annual return.
What will be an ideal response?
Microfinance is the practice of lending ________, with no collateral, and accepting ________ savings deposits.
A. foreign currency; foreign currency as B. very small amounts of money; small C. money electronically; electronic D. government-backed funds; government securities as