The "rule of 70" is a formula for determining the approximate number of:
A. Years that it would take for a value (like real GDP) to expand 70 times
B. Years that it would take for a value (like real GDP) to double
C. Times a value (like real GDP) is a multiple of 70
D. Times one could double a certain value (like real GDP) over 70 years
B. Years that it would take for a value (like real GDP) to double
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Within a system of perfectly flexible exchange rates, an decrease in the United States demand for imports would result in a
a. rise in the exchange rate. b. fall in the exchange rate. c. balance of payments deficit. d. balance of payments surplus.
According to the Keynesian model, the government can increase spending or cut taxes to close a recessionary gap
a. True b. False Indicate whether the statement is true or false