The rule of 70 is:
a. the ratio of 70 to the growth rate of a nation
b. the sum of 70 and the growth rate of a nation.
c. the difference between 70 and the growth rate of a nation.
d. the product of 70 and the growth rate of a nation.
a
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Suppose a firm sells its product in a competitive market. If the ongoing wage rate in a competitive labor market is $30 and the market price of a firm's product is $2, then which of the following statements is true?
A) The firm should continue to hire workers until the marginal product of the last worker hired is 2 units. B) The firm should continue to hire workers until the marginal product of the last worker hired is 5 units. C) The firm should continue to hire workers until the marginal product of the last worker hired is 10 units. D) The firm should continue to hire workers until the marginal product of the last worker hired is 15 units.
What are the differences among positive-sum, negative-sum, and zero-sum games?
What will be an ideal response?