Suppose there is a 6 percent increase in the price of good X and a resulting 6 percent decrease in the quantity of X demanded. Price elasticity of demand for X is

The Rule of 70, as applied to real GDP growth, can be used to find the

A) real GDP growth rate necessary to double growth. B) growth rate of real GDP. C) number of years it takes for the level of real GDP to double. D) population growth rate necessary to double the GDP growth rate. E) number of years it takes for the growth rate of real GDP to double.

A country specializes in the production of goods for which it has a comparative advantage, so

A) some producers and consumers win, some lose, but overall the gains exceed the losses. B) all producers win. C) all consumers win. D) producers win, consumers lose, but overall the gains exceed the losses.