Lucy invested $10,000 at the rate of 12%. According to the rule of 72, it would take ______ years for her money to double
a. 4
b. 5
c. 6
d. 7
c
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Say's law implies that
A) surpluses never occur. B) there will always be unemployment. C) surpluses or shortages are possible, but only for a short time. D) shortages never occur.
We calculate many different kinds of price indexes:
A. in order to capture a complete picture of how price changes are affecting the economy. B. to see how the prices of different groups of goods are changing. C. to measure how different groups of people in the economy are being affected by changing prices. D. All of these statements are true.
The term minimum efficient scale refers to:
a. the output corresponding to the minimum point of the short-run average-total-cost curve. b. the total of all efficient points along the long-run average-cost curve. c. the output corresponding to the highest point of the short-run average-total-cost curve. d. the minimum point of the long-run average-cost curve, or the output level at which the cost per unit of output is the lowest. e. the maximum point of the long-run average-cost curve, or the output level at which the cost per unit of output is the highest.
Imports are not included in GDP because they do not reflect output produced within the domestic economy
a. True b. False Indicate whether the statement is true or false