To compute the present value of a future value, you must know the ________ and the ________.
A. interest rate; time period
B. compounding interest; time period
C. interest rate; compounding interest
D. None of these statements is true.
Answer: A
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If an increase in the incomes of people who live in the Los Angeles area leads to an increase in the demand for season tickets for games played by the Los Angeles Lakers professional basketball team, then these season tickets are
A) a normal good. B) an inferior good. C) an income complement. D) an income substitute.
A monopolist in the radio industry has two radio-making plants. The marginal cost of radio production by Plant A is $4Q (where Q is the number of radios produced) and the marginal cost of radio production by Plant B is always $16 . If the demand curve for radios is downward sloping, the monopolist will
a. never produce radios at Plant A. b. always produce four times as many radios at Plant B as at A. c. never produce more than four radios at Plant A. d. produce radios at Plant A only as a last resort.
Which of the following is not associated with the monopoly market structure?
A. many sellers B. a single seller C. a unique product D. impossible entry into the market
Which of the following is the LEAST? scarce?
A) college education. B) medicine. C) housing. D) weeds.