If the annual growth in a nation's productivity is 2.8 percent rather than 1.5 percent, then the nation's standard of living will double in about:
A. 20 years instead of 40 years
B. 25 years instead of 47 years
C. 46 years instead of 70 years
D. 55 years instead of 115 years
B. 25 years instead of 47 years
Economics
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Johnny has worked as a CPA for five years and wants to open his own public accounting practice. The cost of his college degree in accounting represents
A) the opportunity cost of this endeavor. B) a sunk cost. C) an expense. D) a variable cost.
Economics
Which of the following statements about the optimal solution to the consumer problem based on the Cobb-Douglas utility function is NOT true?
A) The cross-price elasticities of demand are zero. B) Both goods have downward sloping demand curves. C) Both goods are normal goods. D) The marginal utility of income may be negative.
Economics