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Suppose that you made a $1, 200 purchases on your credit card two years ago to pay for an unexpected car repair and have only made the minimum $50 monthly payments since then.
a. If your credit card has an interest rate of 18% compounded monthly (commonly referred to as the APR - annual percentage rate), what is your current credit card balance?
b. What is the effective annual interested rate of your credit card (commonly referred to as the APY - annual percentage yield)?
Assume a large world economy with several countries. There is a good that can be produced domestically by every country in the absence of trade. Suppose Country 1 has the following demand and supply curves for this good: D1= 28-2P and S1= 2P-4. By ho..
What if the government needs to purchase a single, large piece of property in order to provide a public good, say, a satellitetracking station? There is only one private owner with whom to deal. And his property is the only one that is suitable for t..
What is Nick’s MRS of swimming in terms of basketball? Do his indifference curves exhibit diminishing MRS or constant MRS?
Assume consumer spending is given by the equation C = 275 + 0.8[Y - T], investment spending is equal to 425, government spending is equal to 250, and taxes (T) are equal to 250, while full employment real GDP is equal to 4050. According to the simple..
Has the United States become more or less economically free during the past decade? What impact will this have on the future economic growth of the United States.
What is the cartel and what prerequisites are required for a cartel to be successful? How do these prerequisites apply to labor unions, OPEC, NCAA, AMA(American Medical Association), and the ABA(American Bar Association)? Do college accredited agenci..
The real interest rate is defined as: The loanable funds theory states that ________ is(are) determined by the ________ for loans. Which of the following are assumptions of the loanable funds theory? Which of the following are assumptions of the loan..
If velocity ?(V) and aggregate output ?(Y) remain constant at $4 and $1,000 billion?, ?respectively, what happens to the price level ?(P) if the money supply? (M) declines from $425 billion to $350 billion?? Originally, what is the price level?
Currently what indictors are evident that There is too much or too little money within the economy? How is monetary policy aiming to adjust This?
Illustrate what are major arguments in case for income equality. Illustrate what are major arguments in case for income inequality.
How does imposing rent controls affect the number of housing units available to low-income families? Illustrate your response using graphs.
If we are measuring social welfare using a Utilitarian social welfare function and a change in resource allocation results in one person's gain exceeding another person's loss, we can say that the new allocation increases social welfare. Explain why.
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