Suppose the growth rate of Carolina is 5 percent. According to the rule of 70, it will take _____ years for the economy to double in size
a. 20
b. 14
c. 30
d. 40
b
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Assume a country produces two types of goods: manufactured goods and agricultural goods. When this country experiences economic growth, we know that
A) the production possibilities curve will shift inward. B) there will be movement along the curve toward more agricultural goods. C) there will be a movement along the curve toward more manufactured goods. D) the production possibilities curve will shift outward.
It is usually assumed that a perfectly competitive firm's supply curve is given by its marginal cost curve. In order for this to be true, which of the following additional assumptions are necessary? I. That the firm seeks to maximize profits. II. That the marginal cost curve be positively sloped. III. That price exceeds average variable cost. IV. That price exceeds average total cost
a. All of the above. b. I and II but not III and IV. c. I and III but not II and IV. d. I, II and III, but not IV.
An economic model is
a. a concrete representation of reality b. as close to reality as possible c. too abstract to be useful when assumptions are involved d. unrelated to reality e. an abstract representation of reality
According to John Maynard Keynes,
a. the demand for money in a country is determined entirely by that nation's central bank. b. the supply of money in a country is determined by the overall wealth of the citizens of that country. c. the interest rate adjusts to balance the supply of, and demand for, money. d. the interest rate adjusts to balance the supply of, and demand for, goods and services.