If Real GDP Per Person Is Growing at 4 Percent

question 205

Multiple Choice

If real GDP per person is growing at 4 percent per year, approximately how many years will it take to double?

• A) 4
• B) 17.5
• C) 25
• D) 8

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Definitions:

Raw Materials

Basic materials and substances used in the initial stages of the production process.

Purchased

A term referring to items or services acquired by a company or individual, typically in exchange for money.

Finished Goods Inventory

Represents products that have completed the manufacturing process but have not yet been sold to customers.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor costs.