Farou invests $2,000 at 8% interest. About how long will it take for Farou to double his investment (e.g., to have $4,000)?
A. 5 years
B. 4 years
C. 9 years
D. 8 years
Answer: C
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When a change in the price level causes a change in the purchasing power of currency, which then changes planned real expenditures at all income levels, it is called
A) the real-balance effect. B) the open-economy effect. C) the substitution effect. D) the interest rate effect.
The law of demand holds that as prices of goods decrease, people are willing to buy more.
Answer the following statement true (T) or false (F)
Refer to Table 4-2. The table above lists the highest prices five consumers are willing to pay for a theater ticket. If the price of one ticket falls from $25 to $10
A) consumer surplus decreases from $24 to $12. B) consumer surplus increases from $0 to $31. C) only three tickets will be sold. D) everyone will buy a ticket.
Which one of the following economic activities was NOT generally undertaken in New England in the colonial period?
(a) Fishing (b) Farming (c) Tobacco production (d) Shipbuilding