According to the Rule of 70 (According to Which Per

question 37

Multiple Choice

According to the Rule of 70 (according to which per capita income doubles every 70 years at a growth rate of 1 percent p.a.0, if per capita GDP is growing at a rate of 5 percent per year, then it will take __________ years for per capita income to double.

• A) 14
• B) 28
• C) 70
• D) 140

Identify and explain significant legislation affecting media and telecommunications in the US, including the 1996 Telecommunications Act.

Comprehend the primary roles of the media in a democratic society and the challenges faced in fulfilling these roles.

Differentiate how various kinds of media are regulated by the federal government, with emphasis on significant acts and FCC regulations.

Recognize the functions and regulations associated with the Federal Communications Commission (FCC).

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Definitions:

Free Market Equilibrium

A state in an economy where supply meets demand naturally without intervention, and prices are determined by free market forces.

Price Controls

Government-imposed limits on the prices that can be charged for goods and services in a market.

Consumers Gain

The benefit or surplus that consumers receive from purchasing goods and services at a price lower than their maximum willingness to pay.

Own Price Elasticity

The responsiveness of the quantity demanded of a good to a change in its own price.