All Else Constant, If a Nation's Potential Output Doubles in 36

question 49

Multiple Choice

All else constant, if a nation's potential output doubles in 36 years, its average annual growth rate is

• A) approximately 1% .
• B) approximately 2%.
• C) approximately 3%.
• D) approximately 4%.

---

Definitions:

Probability

A measure of the likelihood or chance that a certain event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Uniform Distribution

A type of probability distribution in which all outcomes are equally likely; each variable has the same probability of occurring.

Electronics Test

The process of using test equipment to evaluate the performance, functionality, and quality of electronic devices and components.

Standard Normal

A type of normal distribution with a mean of zero and a standard deviation of one, used as a reference to determine probabilities of a normal random variable.