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Question
According to the Rule of 70, if a country grows at 2.0 percent per year instead of 1.5 percent per year, how many fewer years will it take to double its level of real GDP?A) It will take 11.6 years fewer.
B) It will take 35 years fewer.
C) It will take 58.3 years fewer.
D) It will take 20 years fewer.
E) It will take 17.9 years fewer.
Answer
This answer is hidden. It contains 1 characters.
Related questions
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Scarcity results from the fact that
A) people's wants exceed the resources available to satisfy them.
B) not all goals are desirable.
C) we cannot answer the major economic questions.
D) choices made in self-interest are not always in the social interest.
E) the population keeps growing.
Q:
Why does scarcity lead to the what, how, and for whom questions?
Q:
Choices that are best for the society as a whole are choices in pursuit of
A) answering the "how" question.
B) the social interest.
C) self-interest.
D) incentives.
E) answering the "for whom" question.
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A) What type of health care will be produced and in what quantity?
B) How will health care be produced?
C) For whom will health care be produced?
D) Why will we offer health care?
E) Must we offer health care?
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Q:
When unskilled teens earn less than college graduates, society answers the ________ question.
A) how
B) what
C) for whom
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E) social interest versus self-interest
Q:
When the federal government decides to pay senators more than it pays soldiers, it answers the ________ question.
A) why
B) how
C) for whom
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The figure above shows the relationship between the journey length and the cost of trip per mile. The curve becomes flatter because as the journey length increases,A) the fall in the cost per mile becomes smaller.B) the fall in the cost per mile becomes greater.C) the cost per mile decreases.D) the cost per mile increases.E) the cost per mile remains unchanged.
Q:
Of the three major economic questions, which of the following is the best example of a "How?" question?
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B) Should we collect tolls on turnpikes using human toll collectors or mechanized toll machines?
C) Should we build log homes or build factories from bricks?
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E) Should we eat more oatmeal?
Q:
The relationship between distance traveled in five hours and speed shown in the figure above isA) positive.B) negative.C) inverse.D) cross-sectional.E) multilateral.
Q:
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When a home builder decides to computerize all of its production schedules, it directly answers the ________ question.
A) for whom
B) what
C) where
D) how
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Q:
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B) technological progress
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A) what
B) why
C) for whom
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Which of the following scenarios describes an action that is NOT rational from an economic point of view?
A) After drinking one martini (shaken, not stirred), James buys and drinks a second martini even though the marginal benefit of the second martini is lower than the marginal benefit of the first.
B) Eric buys a replacement ticket to the basketball game after he realizes that he accidentally left his original ticket at home.
C) Emily chooses to attend a social event on Tuesday night instead of studying even though she has an important exam on Wednesday morning.
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Q:
When you make the decision to spend your time attending class, which economic question are you answering?
A) What?
B) How?
C) For whom?
D) Why?
E) Is this in the social interest?
Q:
Which of the following is a topic studied in macroeconomics?
A) the pricing decisions in the computer hardware industry
B) the effect on economic growth if the government raises taxes
C) how the wheat industry determines how much wheat to grow
D) the impact of labor unions on wages
E) the impact of higher prices for gasoline on the number of SUVs people buy
Q:
Which of the following BEST describes macroeconomics?
A) It analyzes the aggregate effects on the national economy of the choices made by individuals, firms, and governments.
B) It studies the choices that individuals and businesses make when coping with scarcity.
C) It examines how the choices that individuals affect governments.
D) It is not a social science because its predictions cannot be tested.
E) Proving causation is never a problem for macroeconomics.
Q:
Which of the following is a microeconomic topic?
i. K-Mart's decision to close stores that are not making a profit
ii. Home Depot's choice to hire more full-time employees because its sales increased
iii. Delta Airlines changes its fares.
A) i only
B) ii only
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D) ii and iii
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Q:
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Q:
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Q:
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The slope of a line equals the change in the variable measured along the
A) x-axis divided by the change in the variable measured along the y-axis.
B) y-axis divided by the change in the variable measured along the x-axis.
C) x-axis minus the change in the variable measured along the y-axis.
D) x-axis multiplied by the change in the variable measured along the y-axis.
E) y-axis minus the change in the variable measured along the x-axis.
Q:
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Q:
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In the diagram above, which figure(s) show(s) a direct relationship between the variables?A) both B and CB) both A and CC) only AD) only DE) only B
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In the above figure, a negative relationship between x and y is shown in FigureA) A.B) B.C) C.D) D.E) B and Figure C.
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Q:
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Q:
An independent relationship between two variables is shown in a graph by
A) an upward-sloping line.
B) a horizontal or a vertical line.
C) a downward-sloping line.
D) a steeply sloped line.
E) any straight line curve.