If the interest rate is 5 percent (0.05) per year, what is the present value of $3,000 to be received two years from now?

Meat at the supermarket has contributed to increase in food prices in 2010, and high feed and fuel prices mean that steak will likely cost a lot more this fall. The price of feed has increased 50 percent and hay has doubled from two years ago

Based on this information, which of the following is TRUE in the market for beef? A) Consumer surplus will decrease. B) Producer surplus will increase. C) Equilibrium price will decrease. D) Equilibrium quantity will increase.

After Joyce and Larry purchased their first house, they made additional home improvements in response to increases in income. After a while, their income rose so much that they could afford a larger home

Once they realized they would be moving, they reduced the amount of home improvements. Their Engel curve for home improvements on their current home is A) negatively sloped. B) flat. C) positively sloped. D) backward bending.