If real GDP doubles in 35 years, its average annual growth rate is approximately:
A. 1%.
B. 2%.
C. 3%.
D. 4%.
Ans: B. 2%.
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The precautionary demand for money is the demand for money:
a. for normal transactions purposes. b. for normal investment purposes. c. for special stock purchases. d. to protect against inflation. e. to cover unexpected events.
Have you used ketchup? Have you bought ketchup in a supermarket? Consider the characteristics of market structures and decide to which the ketchup industry belongs
a. oligopoly because it represents competition among the few b. monopolistic competition because the demand curves for each brand is horizontal c. perfect competition because the good is identical (ketchup is ketchup) d. monopoly because the firm demand curve is the industry demand curve e. monopoly because there are no good substitutes
The Skandusky Downtown Development Corporation (SDDC), a nonprofit entity, was accused by local taxpayers of being overstaffed and too lavishly accommodated for its purpose of achieving its community development goals. This accusation is an argument that the SDDC
a. is managed by stakeholders b. staff is following the MC = MR rule c. is an example of the Lester-Machlup controversy d. is engaged in empire building e. is minimizing community losses
Situation 37-2 Dan and Ann live in the same community and both can participate in two activities, producing and stealing. Refer to Situation 37-2. If Dan's MB/MC ratio for producing is currently greater than his MB/MC ratio for stealing, then he will
A) steal more and produce less. B) steal less and produce less. C) produce more and steal more. D) produce more and steal less.