A country will roughly double its GDP in twenty years if its annual growth rate is:
a. 2.5 percent.
b. 3.5 percent.
c. 7.5 percent.
d. 12 percent.
b
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Marginal cost can be defined as the change in
A. cost resulting from one less unit of production. B. benefit resulting from one more unit of production. C. benefit resulting from one less unit of production. D. cost resulting from one more unit of production.
Chuck Stake never eats vegetables, although he can afford to buy them. According to the economic way of thinking, Chuck
A) must have a serious physiological aversion to vegetables. B) was probably forced to eat them as a kid, and now hates them. C) believes the additional benefits from eating vegetables are outweighed by the additional costs. D) has studied economics enough to know that nobody needs to eat their vegetables.
Growth in aggregate demand will
A) cause the short-run Phillips curve to shift to the left. B) increase unemployment. C) move the economy to a higher point on the short-run Phillips curve. D) cause deflation.
During the boom years of the 1920s, bank failures were quite
A) uncommon, averaging less than 30 per year. B) uncommon, averaging less than 100 per year. C) common, averaging about 600 per year. D) common, averaging about 1000 per year.