If a country experiences a real GDP growth rate of 4 percent, real GDP will double in
A) 14 years. B) 23.3 years. C) 25 years. D) 35 years. E) 17.5 years.
E
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If disposable income increases by $100 million, and consumption increases by $90 million, then the marginal propensity to consume is
If disposable income increases by $100 million, and consumption increases by $90 million, then the marginal propensity to consume is a. 0.9. b. 0.8. c. 0.75. d. 0.6.
The above diagram shows the cost curves for a perfectly competitive wheat farmer
At what price(s) does the wheat farmer make an economic profit? Make zero economic profit? Incur an economic loss? How many bushels of wheat does the farmer produce if the price is $3 per bushel? If the price is $0.50 per bushel?
High Powered Incentives Hyperion Tool & Dye bids for contracts to retool other companies' production lines. The compensation schedule for their sales staff includes a 2% commission for the first $350,000 in orders per quarter, 3% for the next $650,000,
and 4% for amounts over $1,000,000 . Hyperion is having trouble scheduling its staff for the jobs that they are awarded because the orders always seem to be awarded around the first and last days of a quarter. Why are orders bunched like this and how can Hyperion fix this?
All production involves an opportunity cost because
a. to produce costs money b. costs of production are sky rocketing c. to produce more of one thing, we must produce more of everything d. to produce more of one thing, we must produce less of something else e. when an individual obtains more of a good, he may not be fully satisfied