Suppose per capita real GDP grows by 7% per year. Based on the Rule of 70, approximately how many years will it take for the level of per capita real GDP to double?

In the coordination failure model, a rightward shift in the labor supply curve

A) increases the real wage and increases employment. B) increases the real wage and decreases employment. C) decreases the real wage and increases employment. D) decreases the real wage and decreases employment.

Last year there were 6 pizza shops in town. This year there are only 4. Other things being equal, the decrease in the number of suppliers will

A) cause the market supply curve to shift to the right. B) increase the market demand for pizza. C) cause a decrease in the quantity supplied at each price. D) have no impact on market supply as long as the demand for pizza remains strong.