The rule of 72
A. Can be used to determine how long it will take for GDP to double.
B. Is the procedure for calculating percentage increases in the growth rate.
C. Shows the number of years it takes for productivity to triple.
D. Refers to the base year from which growth rates are measured.
Answer: A
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Adam Smith's notion of the invisible hand served as the foundation of
a. mercantilist thought. b. the philosophy of protectionism. c. the liberal economic thought of the nineteenth century d. the neo-Marxian tradition. e. none of the above.
Complete the following analogy: A criminal is to a police artist's sketch as the economy is to:
A. money. B. an economic model. C. a resource. D. scarcity.
Economic studies have suggested that according to the theory of ______ advantage, countries will experience higher growth rates if they follow a more open stance toward international growth.
Fill in the blank(s) with the appropriate word(s).
A producer's minimum acceptable price for a particular unit of a good:
A. is the same for all units of the good. B. will, for most units produced, equal the maximum that consumers are willing to pay for the good. C. equals the marginal cost of producing that particular unit. D. must cover the wages, rent, and interest payments necessary to produce the good but need not include profit.