All Else Constant, If Real GDP Doubles in 12 Years

question 96

Multiple Choice

All else constant, if real GDP doubles in 12 years, its average annual growth rate is

• A) approximately 6% .
• B) approximately 5%.
• C) approximately 4%.
• D) approximately 3%.

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Definitions:

Partial Equilibrium

A concept in economic analysis that examines the equilibrium condition in a single market or sector without considering interactions with other markets or sectors.

Technological Advance

The improvement or development of new methods, devices, or materials that increase efficiency and productivity.

Personal Computers

Electronic devices designed for individual use, capable of executing a wide range of applications, including word processing, internet browsing, and gaming.

General Equilibrium

A condition in an economy where all markets are in equilibrium simultaneously, and there are no external forces causing shifts in supply and demand.