According to the rule of 70, if a country grows at an average rate of 2 percent per year, what would happen after 35 years?
A. The country's real GDP per capita would double.
B. The country's nominal GDP would double.
C. The country's real GDP would double.
D. The country's nominal GDP per capita would double.
A. The country's real GDP per capita would double.
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The unit of account is defined as
A) an object that is accepted in return for goods and services. B) the medium of exchange. C) the exchange of goods and services directly for other goods and services. D) barter. E) an agreed upon measure for stating prices of goods and services.
In the United States, the distribution of wealth
A. is the same as the distribution of income. B. is equal for all families. C. is more equal than the distribution of income. D. is more unequal than the distribution of income.
Related to the Economics in Practice on page 667: When a country lifts a quota, imports to that country generally ________ and the price of the affected product in that country generally ________.
A. decrease; rises B. decrease; falls C. increase; falls D. increase; rises
Industries in which firms ________ are likely to expand in the long-run.
A. break even B. have positive profits C. shut down in the short run D. suffer losses