Answer the following statements true (T) or false (F)
1) Strong economic growth since 1960 has allowed nations like Singapore and Ireland to surpass nations such as the United Kingdom and France in real GDP per capita.
2) Strong property rights inhibit economic growth by strictly regulating economic behavior.
3) Strong patent laws encourage innovation and promote economic growth.
4) The intense competition of free trade prevents the investment that generates economic
growth.
5) A competitive market system promotes growth by providing producers with market signals on
which to base investment and production decisions.
1) T
2) F
3) T
4) F
5) T
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Using the rule of 72, calculate the average annual growth rate of GDP needed for a country to double its size in just four years?
a. 12 percent b. 4 percent c. 18 percent d. 72 percent e. 28 percent
When calculating the cost of college, which of the following should you probably include?
a. The cost of your meal plan for the cafeteria. b. The cost of books required for college classes c. The income you earn at your part-time job. d. The cost of living in the dormitory.