As defined by economists, interest is
a. only the amount earned by productive capital as a resource
b. only the amount earned by land as a resource
c. only the amount earned by lending money
d. both the amount earned by productive capital as a resource and the amount earned by lending money
e. both the amount earned by land as a resource and the amount earned by lending money
D
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e-Bay
Find the price of a new Fender Squier Stratocaster guitar on eBay (you may use either the “Buy it Now” price or the final sale price from a recent auction). Compare this to the price of a new Fender Squier Stratocaster at Sam Ash and Musician’s Friend. Questions:
- How do the prices compare? Are the prices fairly close?
- Does the existence of the internet reduce price differences among sellers for products such as this?
- Revisit eBay and search for a Fender Stratocaster produced between 1960 and 1979. State the price (the final sale price or the “Buy it Now” price) and the vintage of the item you found. Has the availability of sites such as eBay made it easier to find such items? How does this affect the gains to trade for buyers and sellers?
To Schumpeter, the market process is called
A) dynamic externalities B) static business formation C) creative destruction D) all of these choices.
The demand curve is the upward-sloping line relating price and quantity demanded
a. True b. False Indicate whether the statement is true or false
If the price elasticity of demand is elastic, then:
A. Ed < 1. B. consumers are relatively not very responsive to a price increase. C. an increase in the price will increase total revenue. D. there are likely a large number of substitute products available.