A nation's average annual real GDP growth rate is 2.5%. Based on the rule of 70 the approximate number of years that it would take for this nation's real GDP to double is:
A. 175 years
B. 40 years
C. 28 years
D. 17.5 years
C. 28 years
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Which of the following countries has gone so far as to adopt the U.S. dollar as its domestic currency?
A. Panama B. Ecuador C. Zimbabwe D. All of the above
When economists want to obtain a measure of the responsiveness of quantity demanded to changes in price, they use
A) the slope of the demand curve. B) the price elasticity of demand. C) only the percentage change in quantity demanded. D) the cross-price elasticity of demand.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.
If finding the last stamp to complete your collection makes you happier than finding the first, then:
a. marginal utility is zero. b. marginal utility is negative. c. total utility is decreasing. d. total utility is constant. e. marginal utility is not diminishing.