If a person is going to pay $500 per month every month for 5 years, what do you know about their car loan (if the interest rate is positive)?
A. The loan amount was exactly $30,000.
B. The loan amount was less than $30,000.
C. The loan amount was more than $30,000.
D. Nothing.
Answer: B
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If benefit functions for a public good could be identified accurately, incremental benefits would be measured as
a. the area under the MSB function between the pre- and post-policy abatement levels. b. the area under the TSB function between the pre- and post-policy abatement levels. c. a horizontal distance on the MSB model corresponding to the pre- and post-policy abatement levels d. none of the above
Which of the following best describes a double coincidence of wants?
A) Two buyers want the same good. B) Neither buyer wants a good. C) You have what another wants and you want what they have. D) A buyer and a seller rather than two buyers or two sellers must meet. E) None of the above answers is correct.
The payment made to an owner of a resource in excess of the opportunity cost of the resource is
a. economic rent b. economic profit c. wages d. interest e. opportunity cost
Rich countries (measured by GDP per capita) tend to have __________ infant mortality rates, __________ life expectancies at birth, and __________ adult literacy rates than poor countries
a. higher; higher; higher b. lower; higher; higher c. lower; lower; higher d. lower; lower; lower e. lower; higher; lower