B)4.7 percent. 2.8 percent. D) 1.9 percent E) 0 percent S. 29) The rule of can b
ID: 1122255 • Letter: B
Question
B)4.7 percent. 2.8 percent. D) 1.9 percent E) 0 percent S. 29) The rule of can be used to calculate the number of vears that it takes for the level of a variable t A) 20; double B) 70, triple -C) 70: double D) 20: triple E) thumb; double 0) The Rule of 70 states that the level of a variable will double in A) 70 years. B) the number of years equal to the variable's annual rate of growth divided by 70 D) the number of years equal to the variable's annual growth rate minus -C) the number of years equal to 70 divided by the variable's annual g 31) The aggregate supply curve illustrates that the The aggregale suor 'ual growth rate expressed as ade -A) higher the price level, the greater the quantity of real GDP supplied B) higher the price level, the smaller the quantity of real GDP supplied. C) aggregate demand curve is not needed to determine the aggregate price le D) price level does not affect the quantity of real GDP supplied. E) amount of potential GDP increases when the price level rises. vel. 32) If the price level increases from 110.0 to 115.0, the quantity of A) real GDP supplied will increase. B) real GDP supplied will decrease. C) potential GDP will decrease D) real GDP demanded will increase. E) potential GDP will increase. 33) The above table gives aggregate demand and aggregate supply schedules. Equilibrium real GDP is A) $10 trillion. B) $9 trillion.Explanation / Answer
29> c>rule of 70
Reason
This is a famous rule. The rule of 70 is a way to estimate the number of years it takes for a certain variable to double.
30> c
Reason
To estimate the number of years for a variable to double, take the number 70 and divide it by the growth rate of the variable.
31>a
It shows a positive slope relation between price level and the amount of output supplied.
32> e
Potential GDP rises as there is a higher level of inflation in the market.
33> Table missing
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