Suppose the annual growth rate of GDP in Nepal is 5 percent. In 35 years, GDP in Nepal will double:
A. 1.75 times.
B. 2.5 times.
C. 7 times.
D. 24.5 times.
Answer: B
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The characteristic most closely associated with oligopoly is
A. a few large producers. B. easy entry into the industry. C. product standardization. D. no control over price.
If monopolies are both inevitable and bad, which policy alternative will be least disruptive of all effective policy alternatives?
a. regulate prices b. nationalize c. laissez-faire d. encourage concentration e. split up the monopoly
Explain how firms use elasticity and revenue to make decisions
What will be an ideal response?
Goods that are produced but not immediately sold
A. count in the GDP as private investment. B. do not count in the GDP. C. count in the GDP as a change in private inventories. D. count in the GDP as intermediate input.