The rule of 70 estimates how long it will take a country to double its real GDP per capita by:
A. dividing the average growth rate by 70.
B. dividing 70 by the average growth rate.
C. dividing the current real GDP per capita by 70.
D. multiplying the average growth rate by 70 percent.
B. dividing 70 by the average growth rate.
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Technology is best defined as
A) society's pool of applied knowledge concerning the production of goods and services. B) the maximum output that can be obtained from a stock of physical capital. C) output inside the production possibilities curve. D) the utilization of more resources for the same amount of production.
The sum of the MPC and the MPS is always:
a. greater than 1. b. less than 1. c. equal to 1. d. equal to zero. e. between 0 and 1.
When a supply curve is relatively flat, the
a. sellers are not at all responsive to a change in price. b. equilibrium price changes substantially when the demand for the good changes. c. supply is relatively elastic. d. supply is relatively inelastic.
How different is medical care from other commodities? Arrow based his thesis on a number of characteristics that contribute to the unique nature of medical care. Which of the following characteristics was not one of those he lists?
a. Trust b. Asymmetric information c. Primary payment from insurance d. Preponderance of not-for-profit providers e. Barriers to entry