The development of a new good or a new process for making a good is called
A) an innovation. B) a service.
C) a factor of production. D) an invention.
D
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Sammy is willing to lend Oscar $625 today so Oscar can purchase a new set of tires for his pickup truck. Oscar agrees to pay the loan back plus 5% interest in one year. What is the future value of this loan?
A) $595.24 B) $656.25 C) $750.00 D) $812.50
According to the real-balance effect, an increase in the price level will
A) leave total planned real expenditures unchanged since the price level of all goods has increased. B) decrease total planned real expenditures because of an increase in interest rates. C) lead to a corresponding increase in total planned real expenditures since businesses are now earning higher profits. D) decrease total planned real expenditures as a result of a decrease in the real value of money balances.