At an annual growth rate of 7 percent, real GDP will double in about:
A. 11½ years.
B. 10 years.
C. 13½ years.
D. 9 years.
B. 10 years.
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Which of the following industries would be considered to have a capital intensive production process?
A. Creating a painting. B. Farming in a rich country C. Creating a hand-crafted wine. D. Serving food at a restaurant.
Which of the following is the best example of a tariff? a. a tax placed on all small cars sold in the domestic market
b. a limit imposed on the number of small cars that can be imported from a foreign country. c. a subsidy from the U.S. government to domestic manufacturers of small cars so they can compete more effectively with foreign producers of small cars. d. a $100-per-car fee imposed on all small cars imported.
A state bank receives its charter from a specific state and can function only in that state
Indicate whether the statement is true or false
According to the circular-flow diagram, GDP
a. can be computed as payments firms make to factors of production plus revenues they receive from the sales of goods and services. b. can be computed as the revenue firms receive from the sales of goods and services minus the payments they make to factors of production. c. can be computed as either the revenue firms receive from the sales of goods and services or the payments firms make to factors of production. d. can be computed as the payments firms make to factors of production, but not as revenues they receive from the sales of goods and services.