An economy with an average growth rate of 10 percent can expect to see its real GDP double in approximately 7 years.
a. true
b. false
Ans: a. true
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Joe and Ed go to a diner that sells hamburgers for $5 and hot dogs for $3. They agree to split the lunch bill evenly. Ed chooses a hot dog. The marginal cost to Joe if he orders a hamburger, instead of a hot dog, is
A. $1. B. $2. C. $2.50. D. $3.
In the early 2000s, laws requiring banks and mortgage brokers to disclose the terms of home loans:
A. prevented Americans from entering into mortgage contracts that they did not understand. B. were an example of how the government can act to solve the moral hazard problem. C. were so numerous and detailed that borrowers didn't read or understand the information the companies had disclosed. D. reduced statistical discrimination in the home mortgage market.
In the short-run macro model, if the economy is in equilibrium, it must also be operating at full employment
a. True b. False
The quantity demanded of a good rises from 1000 to 1500 units, when the price falls from €1.50 to €1.00. The Price Elasticity of Demand for this product is approximately;
(a) 0.33. (b) - 0.33. (c) 1.5. (d) -1.5