If a country experiences a real GDP growth rate of 1 percent and population growth of 2 percent, then the growth rate of real GDP per person is

Use the rule of 70 to illustrate how small differences in growth rates can have a large impact on how rapidly the standard of living in a country increases

What will be an ideal response?

A headline reads "Gasoline Prices Are Higher." A likely explanation for this event would be a(n):

a. Decrease in the supply of gasoline and an increase in the demand for gasoline b. Increase in the supply of gasoline and a decrease in the demand for gasoline c. Increase in the demand for and the supply of gasoline d. Decrease in the demand for and the supply of gasoline