If the Current Growth Rate of Real GDP Per Person

question 13

Multiple Choice

If the current growth rate of real GDP per person is 10 percent a year, how long will it take for real GDP per person to double?

• A)49 years
• B)0.7 years
• C)10 years
• D)7 years
• E)1 year

---

Definitions:

Economies of Scale

Cost advantages reaped by companies when production becomes efficient, as the scale of the operation increases.

Exclusive Franchise

A business arrangement granting a single entity the right to market a company's goods or services within a specified territory.

Deregulation

The process of reducing or eliminating government controls or restrictions on industries to promote efficiency and competition.

Industrial Regulation

Policies and rules implemented by governments to control or manage the activities, standards, and behaviors of industries and their participants.