A useful rule of thumb called the "Rule of 70" states that if something grows at a constant rate of Z percent per year, it doubles in size approximately every __________ years
A) 70 - Z
B) 70/Z
C) Z/70
D) 70 × (Z/100)
B
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The potential output of an economy is the level of output produced when the: a. real wage equals the nominal wage
b. price level is constant. c. expected real wage equals the nominal wage. d. seasonal unemployment rate is zero. e. expected price level equals the actual price level.
Inflation has never been a major problem in the U.S
a. True b. False
How can absolute poverty be eliminated? How can relative poverty be eliminated? Does the elimination of one lead to the elimination of the other? Explain
What will be an ideal response?
If a monopolistically competitive industry is in long-run equilibrium, a firm in that industry might be able to increase its economic profits by:
A. decreasing the price of its product. B. increasing the demand for its product. C. increasing the price of its product. D. decreasing the demand for its product.