The rule of 70 estimates how long it will take a country to double its real GDP per capita by:
A. multiplying the average growth rate by 70 percent.
B. dividing the current real GDP per capita by 70.
C. dividing the average growth rate by 70.
D. dividing 70 by the average growth rate.
Answer: D
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Assuming all else equal, a decrease in the real interest rate will cause:
A) an upward movement along the credit supply curve. B) a downward movement along the credit supply curve. C) the credit supply curve to shift to the right. D) the credit supply curve to shift to the left.
Which of the following is an example of a natural monopoly?
A) the Pittsburgh Penguins hockey team, a National Hockey League team B) Ford Motors, the large automobile producing company C) Florida Power and Light, an electric utility in Florida D) Sony, the Japanese producer of the Playstation III E) JCPenney, the large department store chain
The above figure shows a perfectly competitive firm. If the market price is $20 per unit, the firm
A) will definitely shut down to minimize its losses. B) will stay open to produce and will make zero economic profit. C) will stay open to produce and will incur an economic loss. D) will stay open to produce and will make an economic profit. E) might shut down but more information is needed about the fixed cost.
Entrepreneurs are people who
A) accept ultimate responsibility for the projects they undertake. B) are hired by others to manage business enterprises. C) are hired by others to organize business enterprises. D) own the resources used in the production process. E) prefer a small chance for a large profit to a large chance for a small profit.