The formula used to determine how long it will take a country to double its real GDP is called
A) the nominal-to-real formula.
B) the double-or-nothing formula.
C) the expenditure multiplier.
D) the rule of 70.
D
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The marginal propensity to consume equals
A) consumption expenditure divided by the change in disposable income. B) the change in consumption expenditure divided by disposable income. C) the change in consumption expenditure divided by the change in disposable income. D) consumption expenditure divided by disposable income. E) the change in autonomous consumption divided by the change in induced consumption.
If an individual wins a multimillion dollar lottery and chooses to receive annual payments equaling the total prize, this person has a
A) relatively low discount rate. B) relatively high discount rate. C) discount rate of zero. D) It is impossible to tell.