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
Answer: C
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Once the state environmental protection agency devises its new policy to protect the environment, firms decide whether to remain in the state or move their operations to a neighboring state. In the language of game theory, this is an example of:
A) a cooperative game. B) a sequential game. C) a threat. D) the Prisoner's dilemma.
The science of "knowing the customer" is referred to as
A) revenue management. B) reverse elasticity. C) supply analysis. D) equilibrium analysis.
Which of the following can a country increase in the long run by increasing its money growth rate?
a. the nominal wage. b. real output. c. real interest rates. d. the real wage.
If you believe that a worker should be paid on the basis of what he or she produced, you believe in
A. the egalitarian principle. B. the comparative worth principle. C. the benefits standard. D. the productivity standard.