The rule of 72 implies that a country will double its income in about 18 years if its growth rate is:
A. 4 percent.
B. 12 percent.
C. 6 percent.
D. 8 percent.
Answer: A
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Milton Friedman believes that consumption spending depends on both permanent and transitory income
Indicate whether the statement is true or false
If the marginal propensity to consume is 0.75 and the desired amount of increase in real GDP is $240 billion, then by how much would government spending have to increase?
a. $240 billion b. $80 billion c. $60 billion d. $30 billion
Table 30.1 Number of workers (per hour)Total output (per hour)Marginal physical product (output per worker)Total revenue (dollars per hour)Marginal revenue product (dollars per hour worker)14---________---210________________________315________________________419________________________522________________________Assume that the product price is $4 per unit and that the hourly wage for workers is $12. Neither price nor wage changes with output. In Table 30.1, the marginal revenue product of the second worker hired is
A. $6 per hour. B. $24 per hour. C. $4 per hour. D. $40 per hour.
National defense is an example of a good that is:
A. only nonexcludable. B. largely nonrival and nonexcludable. C. neither nonrival nor nonexcludable. D. only nonrival