Present value is
A) the value of a future amount expressed in today's dollars.
B) the value of a dollar received a year from now, expressed in terms of its future value.
C) the inverse of the interest rate.
D) the nominal value instead of the real value of something.
Answer: A
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Taco Bell firm raises the price of its tacos. The price elasticity of demand for Taco Bell tacos equals 5.0. What happens to the Taco Bell's total revenue?
A) nothing B) It increases. C) It decreases. D) It becomes negative. E) It might change, but more information is needed to determine if it increases, decreases, or does not change.
The Board of Governors of the Federal Reserve System has seven members appointed by the ________ that serve a term of ________ in order to ________
A) U.S. congress; 4 years; fulfill a mandate within the U.S. constitution B) U.S. senate; 14 years; provide continuity in the governing of the U.S. economy C) U.S. president and confirmed by the U.S. senate; 14 years; provide continuity in the governing of the U.S. economy D) U.S. president and confirmed by the U.S. congress; 14 years; provide continuity in the governing of the U.S. economy E) U.S. president and confirmed by the U.S. senate; 4 years; fulfill a mandate within the U.S. constitution
Which account of the balance of payments is most likely to be directly affected by a rise in real GDP?
a. Current international transactions b. Net nonreserve-related international borrowing/lending c. Official reserve-related (central bank) transactions d. None.
To find an economy's long-run equilibrium price level, locate the point where ________ and ________ cross and look to the left.
A. demand; supply B. aggregate demand; price level C. aggregate demand; short-run aggregate supply D. long-run aggregate supply; aggregate demand