Economics Questions 1, 2, 3, 4, and 5What is the correct answers for these five economic questions showed in two screenshots? ### Question 1If a factor of production has a fixed total supply, then payments to that factor constitute:- A. Wages- B. Economic rent- C. Normal profits- D. Interest payments**Correct Answer: C**---### Question 2Other things equal, the interest rate on a loan will be larger:- A. The less the risk involved- B. The larger the bank making the loan- C. The longer the length (maturity) of the loan- D. If loan interest is exempt from taxation**Correct Answer: C**---### Question 3Economists would **not** consider which one of the following to be a productive economic resource?- A. Land- B. Capital goods- C. Money- D. Entrepreneurship**Correct Answer: C**---### Question 4If the interest rate is 15%, what is the present value of $10,000 received two years from now?- A. $7,000.00- B. $7,692.30- C. $13,000- D. $7,561.43**Correct Answer: B** **Question 5**If the interest rate is 10%, what is the present value of $25,000 received two years from now?A. $20,000 B. $20,661 C. $30,250 D. $30,000 *Note: There are no graphs or diagrams provided with this question.*

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If a factor of production has a fixed total supply, then payments to that factor constitute: A. Wages B. Economic rent C. Normal profits D. Interest payments

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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