If the interest rate is 3 percent, to get back $500 in two years you would need to deposit ________ today.
A. $242.72.
B. $471.30.
C. $485.44.
D. $494.00.
Answer: B
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A 10 percent increase in income increases the quantity of orange juice demanded from 19,200 to 20,800 gallons. The income elasticity of demand for orange juice is
A) 0.5. B) 0.8. C) 1.0. D) 1.2.
Economic growth may overstate changes in the standard of living if
A) people are retiring at a younger age. B) the average workweek is increasing. C) the number of students attending college is increasing. D) expected life spans are increasing.
In one hour, Sue can produce 40 caps or 4 jackets and Tessa can produce 80 caps or 4 jackets. Sue's opportunity cost of producing a cap is _____ jackets and Tessa's opportunity cost of producing a cap is ____ jackets.
Fill in the blank(s) with the appropriate word(s).
The essential difference between sales and excise taxes is that
A. sales taxes apply to a wide range of products, while excises taxes apply only to a select group of products. B. excise taxes apply to a wide range of products, while sales taxes apply only to a select group of products. C. sales taxes are consumption taxes, while excise taxes are not. D. excise taxes are consumption taxes, while sales taxes are not.