The value of a slice of pizza to a consumer is equal to
A) its marginal benefit.
B) the maximum price the consumer is willing to pay.
C) the consumer surplus.
D) Both answers A and B are correct.
E) Both answers B and C are correct.
D
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The "rule of 70" is a simple rule
a. (70 divided by the growth rate) that approximates the number of years it will take for income to double at various growth rates. b. (70 multiplied by the growth rate) that approximates the number of years it will take for income to double at various growth rates. c. (70 divided by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP. d. (70 multiplied by the percentage of population over age 70) that can be used to approximate a nation's growth of real GDP.
The difference between the nominal rate of interest and the real rate of interest is
A) handling charges. B) government regulatory charges. C) administrative overhead charges. D) the anticipated rate of inflation.