If Population Increases at an Average Rate of 1% Per

question 50

Multiple Choice

If population increases at an average rate of 1% per year and output increases at an average rate of 5% per year, then per capita real GDP will double in

• A) 14.4 years.
• B) 18 years.
• C) 24 years.
• D) 36 years.

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Definitions:

ATC

ATC can refer to Air Traffic Control, a service provided to ensure the safe, orderly, and expeditious flow of air traffic in the sky and at airports.

MC

MC stands for Marginal Cost, which is the cost of producing one additional unit of a good or service.

Peak Efficiency

The maximum operational efficiency that a process, system, or organization can achieve under ideal conditions.

Dot.Com Businesses

Companies that operate primarily on the internet, typically involved in e-commerce or providing online services, and were especially prominent during the late 1990s internet boom.