When making a decision to hire a celebrity endorser, the firms only care about how many people initially try the product.
Answer the following statement true (T) or false (F)
False
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Which of the following is true of the rule of 72?
a. The rule of 72 is used to approximate annual real GDP. b. The rule of 72 determines the time required for any value to double if it grows at a constant annual rate. c. The rule of 72 is used to calculate the number of years it takes for any quantity to treble in size. d. The rule of 72 refers to the fact that real GDP doubles every 6 years. e. The rule of 72 refers to the fact that capital growth has consistently contributed 72 percent to the U.S. real GDP.
If the short-run Phillips curve were stable, which of the following would be unusual?
a. an increase in government spending and a fall in unemployment
b. an increase in inflation and a decrease in output
c. a decrease in the inflation rate and a rise in the unemployment rate
d. a decrease in the money supply and a rise in the unemployment rate.
Which of the following will NOT cause a rightward shift in the supply curve?
A) an improvement in technology B) a reduction in resource costs C) a reduction in the expected future price D) none of the above
Economic growth is usually defined as
A. the increase in output over time, as measured by real per capita Gross Domestic Product (GDP). B. the rate of increase in output divided by the increase in labor. C. the increase in input availability. D. the reduction in the real cost of necessities.