If Korea's average annual growth rate is 9 percent and that of the United States is 4 percent, the time required for Korea's real GDP to double will be ____ less than the time required for the GDP of the United States to double
a. 3 years
b. 6 years
c. 12 years
d. 15 years
e. 10 years
e
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The use of seat belts and other automobile safety features making bicycling more hazardous can be explained by the economic concept known as
A) the principle of diminishing returns. B) the principle of voluntary exchange. C) the real-nominal principle. D) the marginal principle.
The sum of all the net benefits received by the parties to a transaction is called
A) consumer surplus. B) producer surplus. C) cooperative surplus. D) deadweight loss.
Banks have attempted to maintain adequate profit levels by
A) making fewer riskier loans, such as commercial real estate loans. B) pursuing new off-balance-sheet activities. C) increasing reserve deposits at the Fed. D) decreasing capital accounts.
From 1970 to 2010, the real price of eggs decreased and the total annual consumption of eggs decreased
Which of the following would cause an unambiguous decrease in the real price of eggs and an unambiguous decrease in the quantity of eggs consumed? A) A shift to the right in the supply curve for eggs and a shift to the right in the demand curve for eggs. B) A shift to the left in the supply curve for eggs and a shift to the right in the demand curve for eggs. C) A shift to the left in the supply curve for eggs and a shift to the left in the demand curve for eggs. D) none of the above