If an economy is growing at a rate of 2.5% per year, how long will it take the economy to double in size?
A) 60 years B) 43 years C) 36 years D) 28 years
D
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Goodland is currently operating at full capacity. The country experienced a sudden boom in economic activity. However, the unemployment rate increased soon afterwards. What is likely to have caused such a phenomenon?
What will be an ideal response?
A consequence of hyperinflation is that people
A) increase the quantity of money demanded. B) receive higher real wage hikes, which increases their purchasing power for goods and services. C) who make fixed-payment loans to others receive higher payments as inflation increases. D) spend time trying to keep their money holdings near zero. E) want to lend funds because interest rates are so high.
Refer to Figure 13-3. Suppose the economy is at point C. If government spending decreases in the economy, where will the eventual long-run equilibrium be?
A) A B) B C) C D) D
When the government wants to give an exclusive right to one firm to produce a product, it
A) uses antitrust laws to keep other firms from entering the market. B) imposes a tariff on imports of the product. C) imposes a quota on imports of the product. D) grants a patent or copyright to an individual or firm.