If you invest $1,000 in a savings account and the annual interest rate is 3.6 percent, your account balance will double in value in approximately _____.
A) 185 years
B) 72 years
C) 34 years
D) 20 years
E) 3.4 years
Ans: D) 20 years
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A command system is a
A) method of organizing production that uses a market-like mechanism inside the firm. B) method of organizing production that uses a managerial hierarchy. C) set of rules that induce an agent to act in the best interest of a principal. D) method of production that implements an assembly-line process.
The production possibilities curve illustrates the basic principle that
a. an economy's capacity to produce is unrelated to its population. b. if all the resources of an economy are being used efficiently, more of one good can be produced only if more of another good is produced. c. an economy will automatically move toward a point at which all of its resources are being used inefficiently. d. if all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced.
All of the following are arguments in favor of restricting trade EXCEPT
A. protecting emerging industries. B. protecting domestic jobs. C. dumping. D. comparative advantage.
Suppose the federal government had budget deficits of $40 billion in year 1 and $50 billion in year 2 but had budget surpluses of $20 billion in year 3 and $50 billion in year 4. Also assume that it used its budget surpluses to pay down the public debt. At the end of these four years, the federal government's public debt would have
A. decreased by $70 billion. B. decreased by $20 billion. C. increased by $90 billion. D. increased by $20 billion.