The current worth of a claim on future resources is called:
A. net present value.
B. future value.
C. present discounted value.
D. internal rate of return.
C. present discounted value.
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Which is not true of the interest rate?
A. It is the price at which funds can be rented. B. It is the price at which funds can be borrowed. C. It affects the marginal revenue product of capital. D. It does not affect the marginal revenue product of capital.
Automobiles imported from Canada or Mexico must have 60% North American content to be eligible for tariff elimination under NAFTA rules. This is an example of:
a. a rules of origin requirement. b. an environmental standard. c. a health and safety requirement. d. a preferential trade agreement.
Which of the following generalizations is correct? Demand tends to be
A. relatively more inelastic for a product considered a necessity. B. relatively more inelastic when more substitutes are available for a product. C. relatively more inelastic the more time consumers have to respond to price changes. D. relatively more elastic when the price of a good or service, as a proportion of income, is smaller.
When a product benefits people other than the buyer of the product, the product is said to have
A) an external cost. B) an excludable cost. C) an external benefit. D) an excludable benefit. E) a subsidized benefit.