Suppose a Country Is Producing $20 Million of Real GDP

question 115

Multiple Choice

Suppose a country is producing $20 million of real GDP. If the economy grows at 10 percent per year, approximately how many years will to take for real GDP to grow to $80 million?

• A) 4
• B) 30
• C) 14
• D) 7

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Definitions:

Benefits

Advantages or positive outcomes that come from certain actions or policies.

Costs

Costs represent the monetary value required for the production of goods or services, including expenses related to materials, labor, and overhead.

Timeliness

The quality of occurring at a favorable or useful time, especially in the context of making decisions or taking actions without unnecessary delay.

Ethical Soundness

The quality of being morally correct and making decisions based on strong ethical principles and reasoning.