In the final two decades of the twentieth century, average per capita global income
A) decreased by approximately 6 percent. B) increased by approximately 35 percent.
C) increased by more than 75 percent. D) remained relatively unchanged.
B
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Mike wants to open his own repair shop, and is considering using his savings of $30,000 to get it started. He is currently earning 3 percent interest on his savings. His friend Bob calls him and asks to borrow $30,000 to start up a bagel shop; Bob offers to pay him 5 percent interest if he loans him the money. If Mike were to use the money to open his own repair shop, how can he accurately account for his costs?
A. Mike must consider the $900 in forgone interest on his savings as an implicit cost. B. Mike must consider the $1,500 in forgone interest from loaning the money to Bob as an implicit cost. C. Mike must consider the $900 in forgone interest on his savings as an explicit cost. D. Mike must consider the $1,500 in forgone interest from loaning the money to Bob as an explicit cost.
Those hurt by inflation include
a. labor unions with COLA clauses in their labor contracts b. borrowers who are indebted to banks and other lending institutions c. savers who hold checking and saving accounts in banks d. producers of goods such as automobiles, computers, and food e. owners of precious metals, antiques, and works of art
If long-term investments are increasing,
a. current consumption must be increasing. b. interest rates must be relatively low. c. interest rates must be relatively high. d. the people must be experiencing a "defective telescopic faculty."
Which of the following countries have the highest per person income levels?
a. Argentina, Brazil, and Mexico b. China and India c. France and Germany d. Ireland, Norway, and the United States