If Output Per Capita Doubles in 24 Years and the Population

question 81

Multiple Choice

If output per capita doubles in 24 years and the population doubles in 18 years, what is the growth rate of output?

• A) 4% per year
• B) 5% per year
• C) 6% per year
• D) 7% per year

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Definitions:

Mortgage Loan

is a type of loan used to purchase or maintain a home, land, or other types of real estate where the borrower agrees to pay back the lender over a period of time, typically through monthly payments.

Market Value

The current price at which an asset or service can be bought or sold in a fair and open market.

Right To Foreclose

The legal right of a lender or mortgage holder to seize property in the event of nonpayment of debt.

Mortgage Loan

A loan secured by the collateral of some specified real estate property, which the borrower is obliged to pay back with a predetermined set of payments.