Hector puts $150 into an account when the interest rate is 4 percent. Later he checks his balance and finds he has about $168.73 . How long did Hector wait to check his balance?
a. 3 years
b. 3.5 years
c. 4 years
d. 4.5 years
a
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Which of the following statements is true for a normal good?
(a) An increase in income will result in an increase in supply, ceteris paribus. (b) An increase in income will result in an increase in demand, ceteris paribus. (c) An increase in income will result in an decrease in demand, ceteris paribus (d) An increase in income will have no effect on demand, ceteris paribus.
Real GDP
a. moves in the opposite direction as unemployment. b. increases as production falls. c. falls when households save a smaller fraction of their income. d. All of the above are correct.
What is the correct definition for mutual interdependence?
a. when a firm shapes its policy with an eye to the policies of competing firms b. when an oligopolistic firm has control over an important input c. when a small firm in an industry sells all it wants at the market price d. when substantial numbers of firms are present in an industry
A farmer notices that a neighboring rancher's cattle are wandering and destroying some of his crops. The farmer decides to offer a payment to the rancher if the rancher will reduce the size of his herd. By doing so, the farmer
A. indicates to the rancher that there is an opportunity cost to the wandering of the cattle, and thereby internalizes the externality. B. can be sure that the size of the herd will be reduced and the size of his own harvest will be increased. C. inadvertently bears the costs of the externality when the rancher should be liable for the costs. D. informs the rancher that the cattle have destroyed crops, which should induce the farmer to build a fence in order to maintain good relations.