The Number of Years It Takes for GDP to Double

question 16

Multiple Choice

The number of years it takes for GDP to double is found by

• A)Dividing 72 by the growth rate.
• B)Multiplying 72 by per capita GDP.
• C)Multiplying 72 by the growth rate.
• D)Dividing the growth rate by 72.

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Definitions:

Elasticity Measures

refer to the quantitative analysis of changes in economic variables in response to changes in other variables, such as price or income.

Income Elasticity

A measure of how the demand for a good changes in response to a change in consumers' income.

Confederate Currency

The currency issued by the Confederate States of America during the American Civil War, now considered a collectible item.

Market Price

The prevailing rate at which a good or service is available for purchase or sale in the public market.