According to the "Rule of 70," how many years will it take for real GDP per capita to double when the growth rate of real GDP per capita is 5%?
A) less than 1 year B) 5 years C) 14 years D) 35 years
C
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If real GDP was $13.1 trillion in 2013 and $13.3 in 2014, what is the growth rate?
A) $0.2 trillion B) 1.5 percent C) 15.0 percent D) 2.1 percent E) -1.5 percent
In comparing long-run and short-run costs, which of the following statements is true at each level of output?
a. long-run total cost is always less than short-run total costs b. long-run total cost cannot exceed short-run total cost c. long-run and short-run total costs are equal when fixed costs are large d. firms usually make decisions about production levels based on long-run costs rather than short-run costs e. short-run total cost cannot exceed long-run total cost
The overriding factor in analyzing long-run changes in the exchange rate is:
a. the exchange rate in the period t- 1. b. how a permanent change in the supply of money is transmitted to prices and interest rates. c. the reaction of traders as they conduct arbitrage and speculation. d. the notion that there is no long run, only a series of short-run measurements.
The primary cause of frictional unemployment is:
A. discouraged workers who give up looking for work. B. fluctuations in aggregate demand. C. the lack of training and marketable qualifications in job seekers. D. inaccurate information about job opportunities.