You just won the lottery. You have a choice of three different prize options. Option #1: receive $1,200 immediately; Option #2: receive $1,500 a year from now; Option #3: receive $1,800 five years from now. If the interest rate is 15% the ranking of the options, from the lowest present value to the highest is

Another term for "economic models" is

A) economic systems. B) economic theories. C) economic science. D) economic institutions.

Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will ________ and Jones will ________.

A. produce only computers; produce only calculators B. split his time between computers and calculators; produce only calculators C. produce only calculators; split his time between computers and calculators D. produce only calculators; produce only computers