After taking out a one year loan with an annual interest rate of 10 percent, Tommy pays $3,300 back to the bank. The principal of the loan must be ________ and the interest payment must be ________.
A. $3,300; $300
B. $3,000; $300
C. $300; $3,000
D. $300; $3,300
Answer: B
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A federal deficit of $300 billion means that
A) the government plans on collecting $300 billion in taxes this year. B) the government has a total debt of $300 billion. C) the government is spending $300 billion a year more than it is collecting in taxes. D) government spending is $300 billion a year.
80% of the total number of people in Genovia with health insurance are above 40 years of age. Which of the following economic concepts helps in explaining this fact?
A) The concept of negative externalities B) The concept of adverse selection C) The concept of free riding D) The concept of positive externalities
The leakage and injections approach implies that a government deficit is financed by
A) private saving less private investment plus net exports. B) private investment less private saving plus net exports. C) the trade deficit must always offset the government deficit. D) None of the above.
Refer to the figure below. If Laura and Chris are the only two consumers in this market, then the market demand for hamburger will be 9 pounds per week when the price of hamburger is: 
A. $2.50 per pound B. $1.50 per pound C. $1.00 per pound D. $2.00 per pound