If $1,000 is placed in an account earning 8% annually on January 1, 1999, how much would be in this account on January 1, 2013?
What will be an ideal response?
$2,937
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Which of the following functions does the Fed perform?
A. Printing money B. Holding bank reserves C. Providing loans to other countries D. All of the above are functions the Fed performs.
A consumer who has a limited budget will maximize utility or satisfaction when the:
A. ratios of the marginal utility of each product purchased divided by its price are equal. B. total utility derived from each product purchased is the same. C. marginal utility of each product purchased is the same. D. price of each product purchased is the same.
Answer the following questions true (T) or false (F)
1. A surplus occurs when the actual selling price is above the market equilibrium price. 2. A competitive market equilibrium is a market equilibrium with many buyers and sellers. 3. In response to a shortage, the market price of a good will rise. As the price rises, the demand will decrease and supply will increase until equilibrium is reached.
Explain the income effect and the substitution effects of a price change for a normal good
What will be an ideal response?