The Rule of 70 States That

question 64

Multiple Choice

The rule of 70 states that:

• A) the average score on standardized tests is normally distributed with a mean of 70 and a standard deviation of 10.
• B) everyone should retire by age 70.
• C) the number of years for a variable to double equals 70 divided by its annual growth rate.
• D) Social Security benefits should increase when people reach 70.

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Definitions:

Price Ceiling

A government-imposed maximum price that can be charged for a good or service, intended to protect consumers.

Crude Oil

A naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials that can be refined to produce usable products such as gasoline, diesel, and various forms of petrochemicals.

Price Control

Government-imposed limits on the prices that can be charged for goods and services in a market, usually to curb inflation or protect consumers.

Price Ceiling

A legal maximum price that can be charged for a good or service.