The rule of 70 is most useful in
What will be an ideal response?
estimating the doubling time of real GDP for a given growth rate
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The purchasing power parity predicts that if US price level rises relative to the Mexico price level, then
a. Dollar value will rise relative to the peso b. Dollar value will fall relative to the peso c. There is no effect on either currency d. PPP predicts price level will normalize in the long-run
Michael values a stainless steel refrigerator for his new house at $3,500, but he succeeds in buying one for $3,000 . Michael's consumer surplus is
a. $500. b. $3,000. c. $3,500. d. $6,500.
Which of the following statements is true? (i) When a competitive firm sells an additional unit of output, its revenue increases by an amount less than the price. (ii) When a monopoly firm sells an additional unit of output, its revenue increases by an amount less than the price. (iii) Average revenue is the same as price for both competitive and monopoly firms
a. (ii) only b. (iii) only c. (i) and (ii) only d. (ii) and (iii) only
If the government limits the number of firms in a market by issuing a limited number of licenses, the market structure is most likely to be:
A. a perfectly competitive market. B. a monopoly. C. a monopolistically competitive market. D. an oligopoly.