Reference no: EM1362819

Q. A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $17,000, the interest for the year will be $2,890. Because you must repay a total of $19,890 in one year, the finance company requires you to pay $19,890/12, or $1,657.5, per month over the next 12 months.

Q. Which of the following will most likely occur under a system of clearly defined and enforced private property rights?

an increase in demand for unskilled labor

a decrease in the supply of unskilled labor

a shortage of unskilled labor

a surplus of unskilled labor