The "rule of 70" is a formula for determining the approximate number of:
A. Years that it would take for a value (like real GDP) to expand 70 times
B. Years that it would take for a value (like real GDP) to double
C. Times a value (like real GDP) is a multiple of 70
D. Times one could double a certain value (like real GDP) over 70 years
B. Years that it would take for a value (like real GDP) to double
You might also like to view...
In the short run, a firm operating in a monopolistically competitive market
a. produces an output level where marginal revenue equals average total cost. b. sets price equal to demand where marginal revenue equals marginal cost. c. must earn zero economic profits. d. maximizes revenues as well as profits.
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.