Using the rule of 72, calculate the average annual growth rate of GDP needed for a country to double its size in just four years?
a. 12 percent
b. 4 percent
c. 18 percent
d. 72 percent
e. 28 percent
c
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In the short run, a decrease in planned investment will ________.
A. raise the unemployment rate and reduce the rate of inflation B. reduce both the unemployment rate and the rate of inflation C. raise both the unemployment rate and the rate of inflation D. reduce the unemployment rate and raise the rate of inflation
A good is nonrival if:
A. there is no way to prevent a person from consuming or using it. B. more than one person can consume it at the same time without affecting its value to others. C. consumption of it involves perfect rivalry. D. consumption is completely excludable.
An increase in labor supply will:
a. decrease the equilibrium wage rate and increase the number of workers hired. b. increase the equilibrium wage rate and decrease the number of workers hired. c. decrease both the equilibrium wage rate and the number of workers hired. d. increase both the equilibrium wage rate and the number of workers hired.
Other things the same, if a country has a trade deficit and saving rises,
a. net capital outflow rises, so the trade deficit increases. b. net capital outflow rises, so the trade deficit decreases. c. net capital outflow falls, so the trade deficit increases. d. net capital outflow falls, so the trade deficit decreases.