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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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)
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.