Which of the following is true?
a. The Rule of 70 says that the number of years necessary for a nation to double its output is approximately equal to the nation's growth rate divided by 70.
b. Economic growth is usually measured by the annual percent change in the nominal output of goods and services per capita.
c. An increase in labor input necessarily increases output per capita
d. Neither the initial development process nor the sustained growth of an economy is dependent on a large natural resource base.
d
Economics
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Imposing trade barriers does all of the following except
A) lowers incomes. B) invites retaliation from foreign governments. C) lowers domestic prices. D) reduces economic efficiency.
Economics
Suppose the market price for wheat changes, and we move from point A to point B on the wheat demand curve
If the price elasticity of wheat demand was -0.3 at point A and -0.4 at point B, what is a plausible value for the arc elasticity of demand for wheat between points A and B? A) -0.25 B) -0.35 C) -0.45 D) -0.70
Economics