If you own a $1,000 face value bond with one year remaining to maturity and a 7 percent coupon rate and new bonds are paying 11 percent, what is the most you can get for your old bond?

Steve is in a consumer equilibrium. Then, the price of steak increases from $6 a pound to $8 a pound. Steve decreases the number of pounds of steaks he buys each week ________

A) and decreases his total utility B) only if his income also decreases C) so that the marginal utility per dollar spent on steaks is the same as it was when the price was $6 a pound D) so that both his total utility and his marginal utility from steak fall

In the short run, a negative demand shock will

a. decrease the price level but leave real GDP unchanged b. increase the price level but leave real GDP unchanged c. decrease both the price level and real GDP d. increase the price level and decrease real GDP e. decrease the wage rate