A nation's average annual real GDP growth rate is 2.5%. Based on the "rule of 70", the approximate number of years that it would take for this nation's real GDP to double is:
A. 175 years
B. 40 years
C. 28 years
D. 17.5 years
C. 28 years
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During a recession, unemployment compensation payments increase without the need for any government action. This increase is an example of
A) discretionary monetary policy. B) automatic monetary policy. C) automatic fiscal policy. D) discretionary fiscal policy. E) government expenditure, but it is not an example of either discretionary or automatic policy.
Refer to Figure 9.2. At price 0H and quantity Q1, the deadweight loss is
A) DGC. B) BDC. C) BGC. D) 0FGQ1. E) none of the above
Assume that the government of a nation rations the crude oil available to car owners each month which reduces the overall demand for petroleum. However, the nation continues to import oil from the world market. Which of the following will be observed in the oil market?
a. The world price of petroleum would decline. b. The domestic price of petroleum would decline. c. The domestic price of petroleum would increase. d. The world price of petroleum will remain unaffected.
Using Figure 1 above, if the aggregate demand curve shifts from AD1 to AD2 the result in the long run would be:
A. P1 and Y2. B. P2 and Y2. C. P3 and Y1. D. P2 and Y3.