If a country grows at an average rate of 3.5 percent per year, we can estimate it will double its:
A. growth rate in 70 years.
B. real GDP per capita in 70 years.
C. real GDP per capita in 20 years.
D. growth rate in 20 years.
C. real GDP per capita in 20 years.
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The M2 measure of money consists of the sum of:
A. currency, checking and savings deposits. B. M1, savings deposits, small time deposits, and money market mutual funds. C. savings deposits, small time deposits, and money market mutual funds. D. currency, checking and savings deposits, and small time deposits.
According to the Application, as new products are constantly invented and introduced on the market,
A) the bias in the CPI can be large. B) the bias in the CPI will eventually disappear. C) the bias in the CPI will remain virtually unchanged. D) the bias in the CPI tends to become smaller.
In the above figure, the profit-maximizing rate of production for the perfectly competitive firm is
A) 5. B) 10. C) 13. D) none of the above.
There are two types of worker, high ability and low ability. High-ability workers generate gross profit of A on the job and low-ability generate nothing. Education does not make workers more productive, but is costly to obtain (cH for high ability workers and cL for low ability ones). Let w be the wage that all firms in the economy pay by regulatory mandate. Suppose the worker obtains utility
given by the wage (if the worker is employed, 0 if not) minus the cost of education (if any). There is no disutility from work. Which condition is required if only the high-ability type is to obtain an education in equilibrium? a. cH < w < cL. b. cL < w < cH. c. cH < cL < w. d. cL < cH < w.