Economic growth is important to understand

Assignment Help Business Economics

Reference no: EM13859131

The average rate of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year.

1. Suppose the growth rate of the economy is 2%. The size of the economy roughly doubles every:

a. 5 Years

b. 10 Years

c. 20 Years

d. 35 Years

e. 50 Years or more

2. If instead the growth rate is 7%, the doubling time for the economy is:

a. 5 Years

b. 10 Years

c. 20 Years

d. 35 Years

e. 50 Years or more

3. Economic growth is important to understand because:

a. It is closely tied to standard of living.

b. Growth guarantees that the rich get richer and the poor get poorer.

c. Income equality cannot exist without growth.

d. Understanding economic growth is key to getting a banking job after graduation.

Reference no: EM13859131

Questions Cloud

Reducing the price of an average meal : Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. Compute the price elasticity of demand between these two points. Compute total revenue at the three meal prices

Tax-policy model assumes no autonomous tax : Tax-policy model assumes no autonomous tax. Derive an IS curve equation for an economy where taxes T are described by T = t0 + t1y: t0 being the autonomous tax level.

European governments adopted austerity policies : In response to the Great Recession a number of European governments adopted austerity policies which cut government spending on goods and services. Assuming no change in autonomous consumption or in autonomous investment, explain whether such an aust..

Average annual growth for oregon over this time period : Suppose that the GDP of California increases by 14% each year. How long will it take for the GDP of California to double? Suppose that the GDP of Oregon today is exactly twice what it was 37 years ago. What was the average annual growth for Oregon ov..

Economic growth is important to understand : The average rate of growth for slow-growth countries is around 2% per year, and for fast-growth, greater than 5% per year. Suppose the growth rate of the economy is 2%. The size of the economy roughly doubles every. Economic growth is important to un..

How might the rights of the potential juror-the plaintiff : In jury selection, one cannot exclude potential jurors on the basis of race or other discriminatory criteria. One question is if this prohibition against discrimination should extend to potential jurors that have physical or mental disabilities. How ..

Engineering economy symbols involved and their value : Phelps-Dodge plans to expand capacity by purchasing equipment that will provide additional smelting capacity. The cost of the initial investment is expected to be $16 million. The company expects revenue to increase by $3.8 million per year after the..

Some airline executives have called for re-reregulation : Some airline executives have called for "re-reregulation." Why might an executive of an airline prefer to operate in a regulated environment?

User Account

All Pages