Henry Clay was called ‘the Great Compromiser’ because he played a major role in formulating the three landmark sectional compromises of his day: the Missouri Compromise of 1820.
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How far you have to drive to the store to buy an item impacts the consumption utility you associate with it.
This statement is FALSE.
Common utilities include water, sewage, electricity, gas, garbage and recycling. Technology subscriptions such as cable TV, internet, security, and phone services can also be considered utilities. Home utility bills are similar to apartment utility bills, with one major exception. Who will pay the utility bills?
Utility in economics refers to the benefit or enjoyment a consumer obtains from a service or product. The concept of utility is abstract, but it helps explain how and why consumers make choices. "Ordinal" utility refers to the concept that one good is more useful or desirable than another.
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<span>Even before the Civil South Carolina was a staunch supporter
of slavery as well a vocal advocate of secession. They swore that if a republican got elected
as president. Like many states who
advocated slavery, they were determined to maintain the system no matter what
the costs. When Abraham Lincoln was
elected president November 9, 1860, their worst fears were realized for
republicans were against slavery. South
Carolina then seceded from the Union on December 20, 1860. Later Southern cadets from the Citadel fired
the first shots at Fort Sumter that triggered the American Civil War.</span>
The rule of 70 is a technique used to forecast how many years would take to a variable to double its value. It consists on dividing number 70 by the growth rate of the variable of interest, which in this case is the GDP of countries A and B.
According to the rule of 70, let's compute how long will take for the GDP of each country to double:
- Country A: 70/2.8= 25 years
- Country B: 70/1.4= 50 years
As the growth rates are constant, it is possible to compute the exact value of the GDP of each country in 100 years time using the number of years for output duplication.
- Country A duplicates its growth every 25 years. Hence, it will happen 4 times in 100 years. In year 25, the output will be $100,000. In year 50, it will duplicate again and reach $200,000. The third duplicate will take place in year 75 and GDP will sum $400,000. Finally, in year 100 it will duplicate one last time and country A will end up the century with a GDP per capita of $800,000.
- Country B duplicates its growth every 50 years. Therefore, it will happen twice in 100 years. In year 50, the output will be $100,000. In year 100, the last duplicate will take place, and country B will end up with a GDP per capita of $200,000.
