Based on the rule of 72, it would require 18 years for an economy to double its real output if the annual growth rate was 4%
a. True
b. False
Indicate whether the statement is true or false
True
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The "tragedy of the commons" refers to the phenomenon where
A) there is rivalry in consumption. B) people overuse a common resource. C) people do not internalize an externality. D) individuals are free riders.
If a country's central bank wants to stimulate spending in the economy, it should:
A) increase the amount of assets banks should keep on reserve at all times. B) decrease taxes. C) lower interest rates. D) increase government spending.
Blacks and whites go into the education system more equal than they come out
Indicate whether the statement is true or false
If a good is inferior and its price decreases,
a. the income effect will be positive and the substitution effect will be positive. b. the income effect will be negative and the substitution effect will be negative. c. the income effect will be positive and the substitution effect will be negative. d. the income effect will be negative and the substitution effect will be positive.