Suppose per capita real GDP grows by 3.5% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double (i.e., increase by 100%)?

If a tariff is imposed on imports of shrimp into the United States, U.S. producer surplus from shrimp will ________ and U.S. total surplus from shrimp will ________

A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) increase; not change

Refer to Figure 1A.1. The slope of the line between the points where income equals 50 and income equals 200 is:

A. 0.2. B. 5. C. 10. D. 50.