The "rule of 70" is a simple rule
a. (70 divided by the growth rate) that approximates the number of years it will take for income to double at various growth rates.
b. (70 multiplied by the growth rate) that approximates the number of years it will take for income to double at various growth rates.
c. (70 divided by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.
d. (70 multiplied by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.
A
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Describe the major costs of inflation, being sure to distinguish between anticipated and unanticipated inflation
What will be an ideal response?
Which of the following must occur as a result of ceilings on apartment rents that are set below market clearing rental rates?
A) Property owners respond to the ceilings by increasing maintenance and repairs. B) Property owners respond to the ceilings by constructing new apartment buildings. C) There is a decrease in the quantity of apartments that prospective tenants wish to rent. D) There is a decrease in the quantity of apartments that property owners offer for rent.
If domestic residents of France purchase 1.2 trillion euros of foreign assets and foreigners purchase 1.5 trillion euros of French assets, then France's net capital outflow is
a. -.3 trillion euros, so it must have a trade deficit. b. -.3 trillion euros, so it must have a trade surplus. c. .3 trillion euros, so it must have a trade deficit. d. .3 trillion euros, so it must have a trade surplus.
A 10 percent rise in the price of housing reduces the quantity demanded of housing by 3 percent. We can conclude that the demand for housing is:
A. inelastic. B. elastic. C. unitary elastic. D. perfectly elastic.