According to the rule of 70, a country will double its real GDP per capita in 35 years if it grows at an average of ________ per year.
A. 2.0%
B. 3.5 %
C. 5.0%
D. 7.0%
A. 2.0%
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Which of the following activities undertaken by a competitive firm can improve its public relations?
a. Investing in assets that cannot easily be redeployed to other uses or locations. b. Donating a portion of its annual profit to hurricane affected families c. Providing good quality products at a high price. d. Investing in in-house research
Energy drinks and granola bars are normal goods. When the price of energy drinks decreases, the income effect causes
a. the consumer to feel richer, so the consumer buys more granola bars. b. the consumer to feel richer, so the consumer buys fewer granola bars. c. granola bars to be relatively more expensive, so the consumer buys more granola bars. d. granola bars to be relatively less expensive, so the consumer buys fewer granola bars.
A key element of the classical growth theory is that
A) low taxes promote economic growth. B) an increase in population leads to increase in labor supply and a decline in real GDP per person. C) economic growth can be sustained as long as government intervention does not occur. D) increases in technology drive economic growth. E) market forces drive economic growth.
To determine unemployment, first the adult population is divided into those in the labor force and those out of the labor force, and then divided again into those in the labor force who are employed and unemployed.
Select whether the statement is true or false. A. True B. False