The formula R/(1 + r)t, where R is dollars, t is years, and r is the interest rate, is the formula for
A. present discounted value.
B. future value.
C. present inflated value.
D. future discounted value.
Answer: A
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When there are economies of scale,
a. per-unit costs increase as output increases b. per-unit costs decrease as output increases c. per-unit costs are constant as output increases d. output does not affect per-unit costs
Economists view shifts of supply and demand as
a. unusual events that call for government intervention b. unusual events resulting from the failure of the price to fall c. normal and frequent events d. normal and frequents events that do not affect equilibrium prices e. normal and frequent events that result from government intervention
A minimum wage that is set above a market's equilibrium wage will result in an excess
a. demand for labor, that is, unemployment. b. demand for labor, that is, a shortage of workers. c. supply of labor, that is, unemployment. d. supply of labor, that is, a shortage of workers.
Which statement is true?
A. Income is fairly evenly distributed in the U.S. B. The richest 1% of our population has nearly 50% of the income. C. The percentage of Americans below the poverty line has been falling steadily (except for recession) since the 1950s. D. Eleven percent of the children under six living in a two parent home are poor.