Which of the following statements does not apply to a market economy? a. firms decide whom to hire and what to produce. b. the ""invisible hand"" usually maximizes the well-being of society as a whole. c. households decide which firms to work for and what to buy with their incomes. d. government policies are the primary forces that guide the decisions of firms and households. 12. productivity is defined

Carey company is borrowing $225,000 for one year at 9.5 percent from second intrastate bank. the bank requires a 15 percent compensating balance. the principal refers to funds the firm can effectively utilize (amount borrowed − compensating balance). a. what is the effective rate of interest? (use a 360-day year. input your answer as a percent rounded to 2 decimal places.) b. what would the effective rate be if carey were required to make 12 equal monthly payments to retire the loan?