The rule of 70 estimates how long it will take a country to:
A. double its real GDP per capita.
B. achieve zero inflation.
C. reach its maximum production capacity.
D. double its output.
`A. double its real GDP per capita.
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Total cost can be defined as:
A. the amount that a firm receives from the sale of goods and services. B. the amount that an individual spends on all normal goods and services within a specified period of time. C. the amount that a firm spends on all inputs that go into producing a good or service. D. None of these is correct.
Licensing laws
a. are illegal in most industries b. serve to increase wage rates in some industries c. lead to higher employment levels in some industries d. reduce the quality of labor in a particular market e. are rarely effective at increasing wage rates
Producing where MR = MC guarantees that the firm earns a profit
Indicate whether the statement is true or false
Graphically short-run equilibrium occurs at the intersection of the aggregate demand curve and the:
A. long-run aggregate supply line. B. the aggregate expenditure line. C. short-run aggregate supply line and the long-run aggregate supply line D. short-run aggregate supply line.