Using the Rule of 72,determine How Long It Would Take

question 121

Multiple Choice

Using the rule of 72,determine how long it would take for real GDP to double if it grew at a constant growth rate of 8 percent.

• A)576 years.
• B)72 years.
• C)8 years.
• D)9 years.

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Definitions:

Construction Inventory

Goods and materials held by a company for use in the production or construction of projects, not yet completed or sold.

Balance Sheet

A financial statement that summarizes a company’s assets, liabilities, and shareholders’ equity at a specific point in time, offering a snapshot of its financial position.

Producers

Producers are individuals, companies, or entities that create, manufacture, or furnish goods or services for consumption in the economic supply chain.

Commodities

Basic goods used in commerce that are interchangeable with other goods of the same type, often used as inputs in the production of other goods or services.