Which of the following is most likely to lead to financial trouble?
A) using your credit card to buy items on impulse
B) buying used books, clothing and furniture
C) working a low wage job to finance your college education
D) purchasing a three-year old car rather than buying a new one
A) using your credit card to buy items on impulse
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In the United States, the median household income is ________ than the mean income, which means there are ________ households with low incomes than with high incomes
A) less; more B) greater; more C) greater; fewer D) less; fewer
The gains from consumer surplus and producer surplus occur when
A) both consumers and producers engage in voluntary exchange. B) consumers are willing to buy a good but producers are not willing to provide it. C) producers are willing to provide a good but consumers are not willing to pay for it. D) the government supplies the good instead of firms.
What is the standard deviation of the payoff from an investment that yields $5,000 with a probability of 0.15 and $500 with a probability of 0.85?
A. $0 B. $2,581,875 C. $42.50 D. $1,606.82
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower