Differences in interest rates for different type of loans are due to:
A. the amount of the loan.
B. the length of time the borrower has to repay the loan.
C. government policy.
D. exchange rate
Answer: B
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A government policy that prevents the price of a good or service from falling below a specified level is called a price floor and usually results in
A. a shortage. B. a surplus. C. a black market. D. fewer producers of the good or service. E. a decrease in demand.
The above table shows the short-run production function for Albert's Pretzels. The marginal product of labor equals the average product of labor
A) for all levels of labor. B) at none of the levels of labor. C) only for the first worker. D) only for the fifth worker.
Price elasticity of demand refers to the ratio of the:
A. percentage change in price of a good in response to a percentage change in quantity demanded. B. percentage change in price of a good to a percentage increase in income. C. percentage change in the quantity demanded of a good to a percentage change in its price. D. percentage change in the quantity demanded of a good to a percentage change in income.
A good is said to be "inferior" if:
A. it is of low quality. B. consumers buy less of it at a high price. C. it has a negative income elasticity of demand. D. it has many substitutes.