If Population Increases at an Average Rate of 1% Per

question 50

Multiple Choice

If population increases at an average rate of 1% per year and output increases at an average rate of 5% per year, then per capita real GDP will double in

• A) 14.4 years.
• B) 18 years.
• C) 24 years.
• D) 36 years.

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Definitions:

Labor-Force Participation

The percentage of the working-age population that is engaged in the labor market, either employed or actively seeking employment.

Minimum Wage

The lowest legally permissible hourly wage that companies can pay to employees.

Bureau of Labor Statistics

A U.S. government agency responsible for collecting and analyzing essential data related to labor economics, including employment, unemployment, and price statistics.

Labor Force

The total number of people who are currently employed or actively seeking employment within an economy.