If an economy can increase its steady annual growth rate from 2 percent to 3 percent, this reduces the time it takes for the economy to double in size by __________ years
A) 5
B) 8
C) 12
D) 17
E) 20
C
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Those who oppose minimum wage legislation argue that:
A. setting a wage above the market-clearing equilibrium creates unemployment. B. it should be set below the market-clearing equilibrium. C. workers deserve a basic standard of living. D. the way to get an efficient labor market is for government intervention.
Product differentiation in monopolistically competitive markets implies that: a. firms make economic profits in the long run
b. firms will produce at the minimum of the average total cost curve in the long run. c. individual firms face downward-sloping demand curves. d. firms are certain to earn economic profits in the short run.
The outputs of an oligopolistic industry
A. can be homogeneous or differentiated. B. must be at high levels so that price exceeds average total cost. C. have no substitutes on the market. D. always have excise taxes imposed on them.
If a firm's sales turn out to be more than expected, inventories will be
A. lower than expected, and there will be more production in the future. B. lower than expected, and there will be less production in the future. C. higher than expected, and there will be less production in the future. D. higher than expected, and there will be more production in the future.