The rule of 70 is:
a. the ratio of 70 to the growth rate of a nation
b. the sum of 70 and the growth rate of a nation.
c. the difference between 70 and the growth rate of a nation.
d. the product of 70 and the growth rate of a nation.
a
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Higher prices may serve the public interest when
A. there is a shortage of goods or services available. B. there is an equal distribution of traffic on alternate routes. C. higher prices never serve the public interest. D. lower prices signal scarcity.
Suppose that the value of the short-run absolute elasticity of demand for a good is 0.3. Then, we know the long-run absolute price elasticity of demand will be
A) 0. B) greater than 0.3. C) elastic. D) less than 0.3.
The principle that if the amount of labour and other inputs is held constant, then the greater the amount of capital in use, the less an additional unit of capital adds to production is called the principle of:
A. increasing average capital productivity B. diminishing returns to capital C. increasing returns to capital D. decreasing output per unit of capital
The classical economists argued that planned saving and planned investment will always be equal because of changes in
A) the level of real disposable income. B) the interest rate. C) the price level. D) wages.