The Rule of 70, as applied to real GDP growth, can be used to find the
A) real GDP growth rate necessary to double growth.
B) growth rate of real GDP.
C) number of years it takes for the level of real GDP to double.
D) population growth rate necessary to double the GDP growth rate.
E) number of years it takes for the growth rate of real GDP to double.
C
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Medicare subsidizes or provides health care to the poor and medicaid provides health care to the elderly
a. True b. False Indicate whether the statement is true or false
As long as price is greater than average variable cost, a firm maximizes its profit by producing that quantity of output for which
a. average revenue equals average total cost b. the price is the highest c. marginal revenue equals marginal cost d. average total cost is minimized e. average variable cost is minimized