The principal of a loan is the:
A. original amount of the loan.
B. set of rules and conditions borrowers agree to when taking out a loan.
C. set of rules and conditions savers agree to when agreeing to let someone borrow their money.
D. original amount that people want to borrow.
A. original amount of the loan.
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Because of diminishing returns, an economy can continue to increase real GDP per hour worked only if
A) the per-worker production function shifts downward. B) there is technological change. C) there are decreases in human capital. D) there continue to be decreases in capital per hour worked.
If the CPI is 120 in 1996 and 180 in 2002, then between 1996 and 2002, prices have increased by
A) 180%. B) 80%. C) 60%. D) 50%.
The fact that some people will work hard to earn a lot of money while others will be content with much less income indicates that
a. some people can be paid less for doing hard work while others have to be paid a premium for doing a similar task. b. economics ranks one set of worker preferences as more desirable than another. c. skill levels of laborers are a minor consideration in wage rate determination. d. worker preferences are an important source of earning differentials.
(Last Word) A caller to a radio talk show states that protesters against globalization are a collection of "anarchist punks, naïve college students, and trade union radicals." This is an example of:
A. the fallacy of composition. B. the economic perspective. C. loaded terminology. D. marginal analysis.