A $400 Savings Account That Earns $15 Interest in a Year

question 59

Multiple Choice

A $400 savings account that earns $15 interest in a year has a yield of ____________ percent.

• A)6
• B)15
• C)4.75
• D)3.75
• E)6.5

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Definitions:

Government Policy

Strategies and measures adopted by a government to guide its actions in the pursuit of specific goals and objectives.

Consumer Surplus

The difference between what consumers are willing to pay for a good and what they actually pay, representing the benefit consumers receive from purchasing the good at a lower price.

Price Floor

A government- or group-imposed price control that sets the lowest price at which a product can be sold.

Price Support

Government interventions to maintain the price of a commodity or product at a certain level, often through purchasing excess supply or providing subsidies to producers.