We can estimate that if a country grows at 7 percent per year, it will double its real GDP per capita in:

Mel's utility of wealth is 130 units at $3,000, 160 units at $5,000, and 190 units at $9,000. Starting from zero wealth, he must choose between options A and B

Option A gives him $5,000 for sure. Option B gives him $3,000 with probability 0.4 or $9,000 with probability 0.6. Mel A) will choose A. B) will choose B. C) is indifferent between A and B. D) needs more information to make a choice.

A decrease in demand will decrease prices least when supply is

A. inelastic (but not perfectly inelastic). B. perfectly inelastic. C. elastic. D. unit elastic.