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Economics Homework Eleven - Model (view source)
Revision as of 02:15, September 21, 2011
, 02:15, September 21, 2011Reverted edits by KirkJ (talk) to last revision by AddisonDM
1. If you were to loan someone money, why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.
1. If you were to loan someone [[money]], why would you want him to pay you something extra (interest) when he pays back the loan? Give at least one reason.
:Instead of loaning money, I could invest the same amount of money and earn more. Interest makes it profitable to loan money. (Mark)
:Instead of loaning money, I could invest the same amount of money and earn more. Interest makes it profitable to loan money. (Mark)
6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.
6. Pick another question from the midterm exam that you answered incorrectly, and explain the correct answer.
:
:(Answers varied.)
7. Explain what “economic rent” is in your own words, using your own example.
7. Explain what “economic rent” is in your own words, using your own example.