The Rule of 70 Is Used to

question 31

Multiple Choice

The Rule of 70 is used to

• A)estimate how much of an economy's growth rate is attributable to increases in capital per hour of labour.
• B)calculate the standard of living.
• C)calculate the economy's growth rate.
• D)estimate how long it will take the level of any variable to double.
• E)estimate how much of an economy's growth rate is attributable to technological advance.

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Definitions:

Demand Function

A mathematical expression that describes the relationship between the price of a good or service and the quantity demanded by consumers.

Typeset

The process of arranging and setting text material for printing, historically done using physical types but now primarily done using computer software.

Marginal Cost

The additional cost incurred by producing one more unit of a product or service, critical for decision-making in production and pricing strategies.

Demand Function

A mathematical expression showing the relationship between the quantity of a good demanded by consumers and its price.