1. An annual percentage rate, or APR, represents how much interest is paid over a year. Correct answer: A APR is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan. A fixed APR loan has an interest rate that is guaranteed not to change during the life of the loan or credit facility, while a variable APR loan has an interest rate that may change at any time.
2. A closed economy considers itself self-sufficient and does not trade with other nations. One example of a closed economy is a restricted system that blocks trade with international partners. Correct answer: B There is only domestic production of endogenous goods in this type of economy.
The annual percentage rate is the interest rate for the whole year rather than for a month. Closed economy is one with restricts trading with other economies.
The correct options are:
interest is paid over a year.
a restricted system that blocks trade with international partners.
Annual percentage rate or APR is the annual rate of interest paid by a borrower or paid to an investor. The interest is calculated as a percentage of the principal.
Therefore, APR represents the amount of interest that is paid over a year.
Closed economy refers to an economy that restricts its trade operations with outside economies. It is self-sufficient and has zero trade relations with international economies.
Therefore, the example of closed economy is a restricted system that blocks trade with international partners.
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