Most economists agree that the best way to evaluate policy is to:
A. know whether the intentions behind the policy were good intentions.
B. learn if the policy can be determined through a democratic political process, not simply imposed by a bureaucracy.
C. compare the actual benefits of the policy with the actual costs.
D. determine whether the public thought that the government had done all it could do to solve the problem.
Answer: C
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The formula used to determine how long it will take a country to double its real GDP is called
A) the nominal-to-real formula. B) the double-or-nothing formula. C) the expenditure multiplier. D) the rule of 70.
If real GDP per capita in the United States is $8,000 in 2016, and if real GDP per capita is $12,000 in 2026, what is the total percent change in the growth rate of GDP per capita between 2016 and 2026?
A) 3.33% B) 5% C) 33% D) 50%
What is the source of the gains from trade?
What will be an ideal response?
The additional amount a person is willing to pay to obtain a good or resource now rather than later is called the
a. interest rate. b. nominal price of future goods. c. inflationary premium. d. risk premium.