Suppose Botswana doubles its income in 6 years while South Africa doubles its income in 9 years. According to the rule of 72, the growth rate in Botswana is:
A. 3 percentage points higher than the growth rate in South Africa.
B. 4 percentage points higher than the growth rate in South Africa.
C. 12 percentage points higher than the growth rate in South Africa.
D. 8 percentage points higher than the growth rate in South Africa.
Answer: B
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Since the demand curve is downward sloping, the graph of total profits is also has a negative slope.
Answer the following statement true (T) or false (F)
In order to increase society's well-being, education might be
a. taxed to discourage production b. subsidized to encourage production c. taxed to encourage production d. subsidized to discourage production e. provided without government intervention
Prior to World War II, the international financial system had operated on
a. a floating exchange rate system b. a managed exchange rate system c. a laissez-faire exchange rate system d. the gold standard e. the dollar standard
Assume that coffee and tea are substitutes for each other. If weather conditions cause a substantial portion of the available coffee crop to be destroyed, then most probably: a. the price of tea will decrease
b. the price of coffee will decrease. c. the price of tea will increase d. none of the above