If GDP grows at a rate of 3% per year, approximately how long will it take for GDP to double in size?
A) 12 years B) 21 years C) 23 years D) 35 years
C
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Into what two effects can we divide the effect of a price change?
What will be an ideal response?
The above figure shows the demand and cost curves facing a monopoly. Maximum profit equals
A) $0. B) $100. C) $1,000. D) $2,500.
The opportunity cost of watching television is:
a. all of the alternative programs that appear on other stations. b. zero because there is no money expenditure involved. c. the alternative use of the time foregone by watching the program. d. zero if it benefits you.
When a U.S. importer needs $22,000 to settle an invoice for 25,520 Swiss francs, the exchange rate must be:
a. 1 Swiss franc = $1.16. b. 1 Swiss franc = $0.16. c. 1 Swiss franc = $0.84. d. $1 = 1.16 Swiss franc. e. $1 = 1.84 Swiss franc.