The "rule of 72" is a formula for determining the approximate number of
A. years that it would take for a value (like real GDP) to expand 72 times.
B. times a value (like real GDP) is a multiple of 72.
C. years that it would take for a value (like real GDP) to double.
D. times one could double a certain value (like real GDP) over 72 years.
Answer: C
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For a consumer to maximize utility, he will choose
A. the point where the slope of the budget line equals the slope of the indifference curve. B. any point where the budget line and indifference curve intersect. C. the point where he gets the most of the good he prefers most. D. the point where the marginal rate of substitution is greatest. E. the point where marginal utility is zero for both goods.
In the case of a small country, producer surplus
A) increases more with a tariff than with an equivalent quota. B) increases more with a quota than with an equivalent tariff. C) is not changed by tariffs or quotas. D) increases the same with tariffs and equivalent quotas. E) increases more with quotas.
The one type of expenditure that we assume can differ from what spenders have planned is
A) consumption. B) investment. C) government expenditure. D) net exports.
When making decisions on pricing and other behaviors, oligopolistic firms must take into account the actions of other firms
a. True b. False Indicate whether the statement is true or false