Using the rule of 70, a sustained 3 percent per year real GDP growth rate will
A) last for 70 years.
B) double the current level of real GDP in about 23 years.
C) double the current level of real GDP in about 210 years.
D) double the current level of real GDP in about 70 years.
E) double the current level of real GDP in about 40 years.
B
Economics
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The marginal propensity to consume is assumed to be
A) greater than 1. B) less than 1. C) greater than 2. D) less than 0.5.
Economics
Economists know that if consumers and producers are both made better off, they would be without free exchange because the exchanges are
A. able to make producers better off by an amount that compensates consumers for their losses. B. able to make consumers better off by an amount that compensates producers for their losses. C. voluntary. D. mandated by government.
Economics