If the economy's real GDP doubles in 18 years, we can:
A. not say anything about the average annual rate of growth.
B. conclude that its average annual rate of growth is about 5.5 percent.
C. conclude that its average annual rate of growth is about 2.4 percent.
D. conclude that its average annual rate of growth is about 3.9 percent.
D. conclude that its average annual rate of growth is about 3.9 percent.
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An example of a normative statement is:
A) The rate of unemployment is 4 percent. B) A high rate of economic growth creates more jobs for the country. C) The federal government spends half of its budget on national defense. D) Everyone in the country needs to be covered by national health insurance
Suppose TC = 10 + (0.1 ? q2). If p = 10, the firm's profits will be
A) 240. B) 250. C) 260. D) -10 because the firm will shut down.