If Nation A has an economic growth rate of 2 percent, and Nation B has an economic growth of 2.5 percent, Nation B’s economy will double approximately ______ years before Nation A’s economy.
a. 28
b. 7
c. 3.5
d. 35
b. 7
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If the labor force participation rate is rising and the working-age population is not changing, then the
A) size of the labor force is rising. B) number of unemployed people is rising and the size of the labor force is falling. C) size of the labor force is falling. D) number of unemployed people is falling and the size of the labor force is rising.
In the market for a normal good, what is the ultimate market reaction of suppliers to an increase in the incomes of consumers?
A) Suppliers do not react, because a change in income shifts the demand curve, not the supply curve. B) The supply curve shifts to the right. C) The supply curve shifts to the left. D) Quantity supplied increases as the equilibrium moves along the supply curve due to a rise in the demand.
What is a primary difference between rebates and coupons?
A) Coupons allow individuals to sort themselves into the high-elasticity group after the sale. B) Neither coupons nor rebates are redeemed in high numbers. C) Rebates allow individuals to sort themselves into the high-elasticity group after the sale. D) Coupons are legal and rebates are illegal.
In general, does the demand for labor become more or less elastic as we increase the number of other variable inputs used in a production process?
A) More elastic B) No change in elasticity C) Less elastic D) We cannot answer this question without more information about the other inputs