Refer to the scenario above. What is the future value of John's deposit after one year?
A) $2,120
B) $2,180
C) $2,320
D) $2,460
B
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A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and ____________, shown on the horizontal axis.
A. demand B. quantity C. quantity supplied D. quantity demanded
A basic assumption used in many economic models is:
A) as price goes up, the amount purchased will go up too. B) as price goes up, less will be offered for sale on the market. C) if the underlying theory doesn't represent reality, it is not useful. D) ceteris paribus, which means all other things remain unchanged.
Under a communist system,
A. consumer decisions are not influenced by prices. B. resources are owned and controlled by the government. C. individual freedom is maximized. D. the market guides resources, but the state dictates what should be produced.
Using trade barriers to address labor standards does all of the following EXCEPT it
A) leads to deadweight losses. B) redistributes income. C) works more effectively for countries that are small relative to the total market. D) potentially makes conditions worse as production moves to the informal sector.