The present value of $250,000 in 10 years at 2 percent interest is approximately:
A. $212,051.
B. $205,087.
C. $195,085.
D. $305,194.
Answer: B
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If the marginal physical product of more labor is twice as high as the marginal physical product of more machinery, a profit-maximizing firm will
a. reduce the labor used and increase the machinery used if labor costs half as much as machinery. b. reduce the labor used and increase the machinery used if labor and machinery cost the same amount. c. reduce the labor used and increase the machinery used only if labor costs more than twice as much as machinery. d. reduce the labor used and increase the machinery used only if labor costs exactly twice as much as machinery.
Jack and Diane each buy pizza and paperback novels. Pizza costs $3 per slice, and paperback novels cost $5 each. Jack has a budget of $30, and Diane has a budget of $15 to spend on pizza and paperback novels. Which consumer(s) can afford to purchase 3 slices of pizza and 4 paperback novels?
a. Jack only b. Diane only c. both Jack and Diane d. neither Jack nor Diane
If the economy is experiencing an economic boom, which point in the graph shown would likely represent this?
A. E1 B. E2 C. E3 D. E4
Suppose the government imposes a $1 tax on frisbees, and the price of a frisbee paid by demanders rises by $1
A) The price rise is consistent with a perfectly elastic supply for frisbees. B) The price rise is consistent with a perfectly elastic demand for frisbees. C) The price rise is consistent with a downward-sloping supply curve for frisbees. D) The price could never rise this much, so this situation cannot happen.