According to the Rule of 70, if per capita GDP is growing at a rate of 5 percent per year, then it will take __________ years for per capita income to double
a. 14
b. 28
c. 70
d. 140
a. 14
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Suppose that in 2016, the national income in the United States was $200 billion, depreciation was $15 billion, personal taxes were $20 billion, and transfer payments were $10 billion. Gross domestic product in 2016 is
A) $185 billion. B) $215 billion. C) $220 billion. D) $245 billion.
The marginal product of labor can be defined as: a. the change in profit divided by the change in labor, other factors of production held constant
b. the change in total output provided by a one unit increase in labor employed, other factors of production held constant. c. the total output divided by the total labor utilized. d. the change in labor utilized divided by the change in total output, other factors of production held constant.
An example of a capital resource is: a. stock in a computer software company
b. a bond issued by a company selling electric generators. c. a dump truck. d. an employee of a moving company.
A firm that does business all over the world is called a(n)
a. multinational corporation. b. international conglomerate. c. competitive corporation. d. government-owned business.