_____ helps to estimate the rate of growth of GDP of a nation
a. The rule of 70
b. A compound growth rate
c. An aggregate production function
d. The rule of law
b
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Macroeconomics is best described as a study of ____ and microeconomics as a study of ____.
A. financial markets, specific markets B. nations, individuals C. the stars, solar system D. abstract, concrete
A fiscal policy action to close an expansionary gap is to:
A. increase the marginal propensity to consume. B. increase taxes. C. increase government purchases. D. increase transfer payments.
The voluntary export restraints on autos by Japan in the early 1980s were:
A. prohibited under the GATT treaty. B. probably approved of by the Japanese car companies since it increased their profits. C. unlike a tariff and did not affect the price of imports. D. unlike an import quota and did not affect the quantity of cars imported.
In well-working markets, cost economies from standardization are reflected in the level of product variety.
Answer the following statement true (T) or false (F)