The Rule of 70 can be used to calculate the
A) 70 percent level of the economic growth rate.
B) population growth rate per year.
C) economic growth rate per year.
D) economic growth rate per month.
E) number of years it would take for the level of any variable to double.
E
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A decrease in Social Security payments will
A) decrease export spending. B) decrease investment spending. C) decrease government spending. D) decrease consumption spending.
Throughout the 1980s, accounting departments in U.S. universities were unable to fill many available faculty positions. This fact suggests that the salaries offered by these departments
A. suffered from the cost disease of the service sector. B. were below the market price for qualified accountants. C. created externalities. D. failed to reflect productivity growth in teaching.
Starting from full employment at the initial target inflation rate, if there is an adverse inflation shock, then the Federal Reserve must _____ in order to keep inflation from becoming permanently higher.
A. increase the target inflation rate. B. decrease the target inflation rate. C. maintain the initial target inflation rate. D. shift the short-run aggregate supply curve up.
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.