Calculate the monthly payment for a 30-year mortgage, where the amount borrowed is $100,000 and the annual interest rate is 6.0%.
What will be an ideal response?
If we use 360 months for the 30 years and convert the 6.0% annual rate to a monthly rate of 0.48676%, [this is found by solving (1 + im) = (1.06)1/12 where im = 0.0048676]. Using a financial calculator, we find the monthly payment equals $589.37.
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When more labor is unemployed than the amount at the natural unemployment rate, then real GDP ________ potential GDP
A) is equal to B) is less than C) is greater than D) cannot be compared to
Higher prices
A. are always against the public interest. B. may sometimes serve the public interest. C. should never be allowed. D. occur automatically for abundant goods.
Higher standards of living are the result of
a. government subsidies that expand employment. b. trade restrictions that favor domestic industries over foreign competition. c. an increase in the general level of prices. d. an increase in the availability of goods and services that people value.
Economist who study the role of government in the market