If you invest $10,000 in a bond that earns 8% interest per year, how many years will it take to double your money?
A) 1 year and 3 months B) 2 years and 6 months
C) 8 years D) 8 years and 9 months
D
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Why do you hold money? According to the classical economists, the only motivation you have for holding money is for
a. transactions purposes b. precautionary purposes c. speculative purposes d. savings purposes e. liquidity purposes
An economy produces 1,000,000 computers valued at $2,000 each. Households purchase 200,000 computers, of which 100,000 are imported. Businesses purchase 300,000 domestically produced computers, the government purchases 300,000 domestically produced computers, and 100,000 domestically produced computers are sold abroad. At the end of the year, the computer manufacturers hold the unsold computers in inventory. What is the value of GDP?
A. $3.8 billion B. $2.0 billion C. $1.8 billion D. $1.0 billion