Using the Rule of 70, if China's current growth rate of real GDP per person was 7 percent a year, how long would it take the country's real GDP per person to double?
A) 35 years
B) 14 years
C) 10 years
D) 49 years
C
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Economists who study labor markets have documented
a. a general decline in the wages of college graduates over the last decade. b. an increasing trend in U.S. labor markets for employers to pay all costs of education and training. c. a decrease in the earnings gap between low-skill and high-skill workers over the past two decades. d. an increase in the earnings gap between low-skill and high-skill workers over the past two decades.
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be:
A. $40. B. $60. C. $6,000. D. $8,000.
Which of the following is a reason why we should consider the federal national debt a problem?
A) The federal government is in danger of defaulting on its debt. B) If the debt drives up interest rates, crowding out will occur. C) If the debt was incurred to finance improvements in infrastructure, crowding out will occur. D) If the debt was incurred to finance research and development, crowding out will occur.