The number of years required for real GDP to double can be found by:
A. dividing the annual growth rate by .07.
B. multiplying the annual growth rate by 70.
C. dividing 70 by the annual growth rate.
D. adding 14 to annual growth rate.
C. dividing 70 by the annual growth rate.
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Indicate whether the statement is true or false
Q: How many economists does it take to change a light bulb? A: All. Because then you will generate employment, more consumption, moving the aggregate demand curve to the right. This joke represents the view of
A) classical economists. B) Keynesian economists. C) economists who contend that money illusion never occurs. D) economists who conclude that wages and prices are very flexible.
Which of the following conditions is not necessary for a firm to be able to engage in price discrimination?
I. The firm must be able to produce to the point at which price equals marginal revenue. II. The firm must easily be able to identify consumers with different demand elasticities. III. The firm must be able to prevent resale of the item it produces and sells. A) I only B) III only C) Both I and II only D) Both II and III only
Since 1930, U.S. government spending as a percent of GDP has
a. increased b. decreased c. stayed the same d. showed no particular trend e. increased by the same percent each year