If it takes 35 years for real GDP to double, real GDP is growing at an annual rate of approximately 2%
Indicate whether the statement is true or false
TRUE
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You rent a DVD of The Dark Knight Rises. The rental is for seven days and you watch the movie on the first day. You tell a friend about the film and your friend asks to come over and watch the movie with you before it is due back
What is your opportunity cost if you decide to watch the movie a second time instead of going to a football game? A) the entire cost of the movie rental, since you have already watched the movie B) one half the rental cost, because you have already watched the movie one time C) The answer depends on how much you liked the movie in the first place. D) the football game you forego by watching the movie again
A single parent family has half the potential family income of a two-parent family
Indicate whether the statement is true or false
According to the Coase theorem, in the presence of externalities
a. private parties can bargain to reach an efficient outcome. b. government assistance is necessary to reach an efficient outcome. c. the assignment of legal rights can prevent externalities. d. the initial distribution of property rights will determine the efficient outcome.
Which of the following would show a good that is relatively elastic in supply?
a. ES รท1 b. ES = 1 c. ES ? 1 d. ES < 1