Loans that are secured against an asset:
A. are much shorter in length than unsecured loans.
B. generally have higher interest rates.
C. are much longer in length than unsecured loans.
D. generally have lower interest rates.
Answer: D
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One effect of a shrinking economy is
A) an increase in the discount rate. B) a decrease in the discount rate. C) an increase in the federal funds rate. D) a decrease in the federal funds rate.
National defense is an example of a _____________________.
Fill in the blank(s) with the appropriate word(s).
Pietro is a manager at a carwash. He has hired 10 workers to wash and detail cars for him and is considering what type of payment scheme he should set up for his workers. He can pay each of his workers $9 per hour to wash and detail cars, or he can pay
his workers $12 for each car a worker washes and details. (It takes 75 minutes, on average, for an employee to wash and detail a car.) If Pietro wants to maximize the number of cars his workers wash and detail in one day, which payment scheme should he use? Explain. What will be an ideal response?
Refer to the below graph for the labor market. The government decides to impose a wage tax as shown on the graph. If the number of workers hired after the imposition of the tax is 1,000, then the total amount of the tax is:
A. $200
B. $300
C. $400
D. $500