The rule of 72 implies that a country with a growth rate of 2 percent:
A. will double its income in about 7 years.
B. will double its income in about 36 years.
C. will double its income in about 50 years.
D. will never double its income.
Answer: B
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Which of the following is an example of a physical capital in agricultural production?
A) A common canal B) A farmer C) A road D) A tractor
In markets with asymmetric information
A) asymmetric information causes moral hazard and then it causes adverse selection. B) moral hazard causes adverse selection which in turn causes asymmetric information. C) asymmetric information causes adverse selection and then it causes moral hazard. D) adverse selection causes moral hazard which in turn causes asymmetric information.
An increase in the marginal propensity to consume (MPC) will cause the consumption function to become steeper.
a. true b. false
Labor unions successfully negotiate an increase in nominal wages for their workers.
Describe the effect on the AD curve, the SRAS curve, and the LRAS curve.