Morgan’s country has worked hard to increase productivity through the use of new technology and has achieved an economic growth rate of 3.25 percent. Assuming Morgan’s country can sustain this growth over time, the economy should double in approximately ______ years.
a. 227.5
b. 22.75
c. 21.5
d. 215.4
c. 21.5
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Regulated natural monopolies can obey a marginal cost pricing rule and still make a normal profit by engaging in
A) least cost pricing and average cost pricing. B) price discrimination and two-part tariff pricing. C) zero profit pricing. D) profit-maximizing pricing. E) None of the above answers is correct because a natural monopoly regulated using a marginal cost pricing rule always incurs an economic loss.
In the Monetarist model, the long-run holds when
a. the money supply is constant. b. real wages are constant. c. output is constant. d. the expected price level equals the actual price level. e. none of the above.
Which of the following is a difference between a perfectly elastic demand curve and a perfectly inelastic demand curve?
a. A perfectly elastic demand curve is parallel to the horizontal axis, while a perfectly inelastic demand curve is parallel to the vertical axis. b. A perfectly elastic demand curve is parallel to the vertical axis, while a perfectly inelastic demand curve is parallel to the horizontal axis. c. A perfectly elastic demand curve is downward sloping, while a perfectly inelastic demand curve is upward sloping. d. A perfectly elastic demand curve is upward sloping, while a perfectly inelastic demand curve is downward sloping.
Which of the following is the formula for the elasticity of Y with respect to X?
A. E = (percent change in Y)/( percent change in X) B. E = (percent change in X)/(percent change in Y) C. E = (change in Y)/(change in X) D. E = (change in X)/(change in Y)