Suppose a person pays $80 of annual interest on a loan that has a 5 percent annual interest rate. The loan amount is:
A. $400.
B. $1,600.
C. $160.
D. $85.
Answer: B
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The rate of unemployment is found by
A) dividing the number unemployed by the number of people in the labor force. B) dividing the number employed by the number of people in the labor force. C) dividing the number unemployed by the number employed. D) dividing the number employed by the number unemployed.
The equilibrium quantity of a good will increase and its equilibrium price might rise, fall, or stay the same when
A) its demand and supply both increase. B) its demand increases and supply decreases. C) its demand decreases and supply increases. D) its demand and supply both decrease.
Other things equal, the supply of labor will be higher to a job that
a. offers less prestige b. offers fewer nonmonetary rewards c. provides little on-the-job training d. requires advanced education or skills e. provides a climate-controlled work environment
Personal consumption spending now comprises approximately what fraction of GDP?
a. One-third b. One-sixth c. Three-quarters d. One-quarter e. One-half