A Country's Rate of Real GDP Growth Is 7% Per

question 6

Multiple Choice

A country's rate of real GDP growth is 7% per year. If real GDP per capita increases by 3%, at what rate is its population changing?

• A) Population has increased by 10%.
• B) Population has increased by 4%.
• C) Population has decreased by 2.33%.
• D) Population has decreased by 4%.

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Definitions:

OPEC

The Organization of the Petroleum Exporting Countries, a group of oil-producing nations that coordinate petroleum policies and prices globally.

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.