If Korea's average annual growth rate is 9 percent and that of the United States is 4 percent, the time required for Korea's real GDP to double will be ____ less than the time required for the GDP of the United States to double.
a. 3 years
b. 6 years
c. 12 years
d. 15 years
e. 10 years
Question 2
Which of the following is false?
a. The price elasticity of demand measures the responsiveness of quantity demanded to a change in price.
b. The price elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in price.
c. If demand is elastic, it means the quantity demanded changes by a relatively larger amount than the price change.
d. All of the above are true.
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