The rule of 70 estimates how long it will take a country to:
A. achieve zero inflation.
B. reach its maximum production capacity.
C. double its real GDP per capita.
D. double its output.
Answer: C
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A trade-off typically exists between incurring a moral hazard and making an adverse selection
Indicate whether the statement is true or false
If a firm has a capital stock of $50,000 and employs 200 workers, its capital-labor ratio is
a. $1/250 b. 4 percent c. 250 percent d. $10,000,000 e. $250
In a representative democracy, there are
A. elected politicians. B. public employees. C. special interests. D. all of these answer options are correct.
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.