The rule of 70 states that
A) it takes an economy 70 years to double its real GDP.
B) the number of years it takes an economy to double in size is 70 divided by the growth rate.
C) the number of years it takes an economy to double in size is the growth rate times 70.
D) the number of years it takes an economy to double in size is the growth rate divided by 70.
Answer: B
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The three tools of monetary policy are open market operations, setting prices, and setting the velocity of money.
Answer the following statement true (T) or false (F)
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Other things being constant, the only way to move along a given supply curve for a product is for
A. the number of sellers to change. B. technological changes to occur. C. the future relative price of related goods to change. D. the product's relative price to change.
Refer to the above table (figures in billions). Real GDP for year 2019 was
A. $4819.6 billion. B. $5222.2 billion. C. $4617.3 billion. D. uncertain without more information.