If a country's income grows at the rate of 5 percent a year, it doubles in about
A) eight years.
B) six and one-half years.
C) ten years.
D) fourteen and one-half years.
E) twenty years.
D
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The best measure of the standard of living is
A) real GDP per capita. B) real GDP. C) nominal GDP per capita. D) nominal GDP.
In the one-period model, what do we assume about household preferences?
A) Households prefer more to less. B) Households like money. C) Households dislike taxes. D) Households care about others.
At the $180 billion equilibrium level of income, saving is $38 billion in a private closed economy. Planned investment must be:
A. $138 billion. B. $126 billion. C. $38 billion. D. $180 billion.
Industries that lobby public officials for favorable treatment, softer regulation, and or antitrust exemption are engaged in rent-seeking.
Answer the following statement true (T) or false (F)